Baltic Index Hits Over One-week Low
The Baltic Exchange's dry bulk sea freight index slipped to its lowest in more than a week on Monday, pressured by declines in the capesize and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, dropped 30 points, or about 2.2%, to 1,325, its lowest since November 4.
The capesize index lost 98 points, or about 6.4%, to 1,446.
Average daily earnings for capesize, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $812 to $11,995.
Meanwhile, iron ore futures hit their highest in more than a month as top steel producer China vowed to keep fine-tuning its COVID-19 containment rules and laid out support measures for the struggling domestic real estate sector.
The supramax index lost 16 points to 1,197, extending its declines for a 16th straight session.
The panamax index was up 30 points, or about 1.8%, to 1,667.
Average daily earnings for panamax, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $268 to $15,003.
(Reuters - Reporting by Rahul Paswan; Editing by Shinjini Ganguli)