Baltic Index Slips to Three-week Low

The Baltic Exchange's main sea freight index fell to over three-week low due to sagging demand for larger capesize vessels.

 

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 7 points, or 0.61 percent, at 1,143 points. It fell for the fifth straight session to its lowest since Feb. 20.

 

For the week, the index fell nearly 5 percent, registering its biggest weekly fall since the week ending Feb. 2.

 

The capesize index lost 35 points, or 2.83 percent, at 1,203 points.

 

The capesize index plunged about 19 percent this week, registering its biggest weekly drop in two months.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $269 to $9,600.

 

The panamax index was down 1 point, or 0.06 percent, at 1,618 points.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was down $2 to $12,993.

 

The supramax index rose 14 points to 1,091 points.


(Reporting by Swati Verma in Bengaluru)