Baltic Index Hits 8-month Low
The Baltic Exchange's main sea freight index touched its lowest level in eight months on Friday, weighed down by weak demand across all vessel segments.
* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell 69 points, or 7%, to 907 points, its lowest level since end-April 2019.
* The index posted its biggest one-day percentage drop since January 2014, in the previous session.
* The capesize index fell 139 points, or 8.4%, to 1,507 - its lowest since May 2019.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, slid $1,151 to $10,825.
* The panamax index fell 54 points, or 5.4%, to 949 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $494 to $8,537.
* The supramax index slipped 23 points to 662.
(Reporting by Shreyansi Singh in Bengaluru; Editing by Amy Caren Daniel)