Baltic Index Falls to Over 3-Year Low
The Baltic Exchange's main sea freight index fell for the 9th consecutive session on Wednesday, as vessel rates fell across segments.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels to ferry dry bulk commodities, fell 14 points, or 2.6%, to 525 — its lowest level in over 3 years.
The capesize index dropped 36 points, or 27.9%, to a near 10-month low of 93, falling for a 34th consecutive session.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, dropped $144 to $4,487.
The panamax index declined 24 points, or 3.7%, to near 1-year low of 627, registering its 8th straight session of losses.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $213 to $5,648.
The supramax index shed 5 points to 533.
(Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)