Weak Demand Across Vessels Drags Baltic Index to 10-month Low
The Baltic Exchange's dry bulk sea freight index extended losses on Wednesday to a 10-month low, pressured by lower rates across all its vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 124 points, or 5.8%, to 2,027, its lowest since March 16.
The capesize index dropped 228 points, or 9.8%, to a 10-month low of 2,097.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $1,894 to $17,390.
The panamax index fell 150 points, or 5.5%, to 2,565, its lowest since Dec. 23.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $1,354 to $23,081.
Chinese coking coal futures on the Dalian Commodity Exchange jumped on Wednesday, boosted by restocking demand at steel mills as supply of the materials is relatively tight ahead of Lunar New Year holidays.
The supramax index fell 22 points to its lowest level since April at 1,936.
(Reporting by Brijesh Patel; Editing by Maju Samuel)