Baltic dry bulk index falls to lowest level since July 31
The Baltic Exchange’s dry bulk sea freight index dropped on Tuesday, ending a two-session rise and reaching its lowest point in more than two weeks as rates for capesize and panamax vessels declined. The main Baltic index, which follows rates for capesize, panamax and supramax vessels, fell 63 points, or 2.2%, to 2,815. This marked ...
On Tuesday, the Baltic Exchange's dry bulk sea freight index experienced a decline, concluding a two-day upward trend and reaching its lowest point in over two weeks. The main index, which tracks rates for capesize, panamax, and supramax vessels, decreased by 63 points, or 2.2%, to reach 2,815. This marked the index's lowest level since July 31.
The capesize index, which typically transports 150,000-ton cargoes such as iron ore and coal, fell 138 points, or 3%, to 4,452, also hitting its lowest level since July 31. Average daily earnings for capesize vessels decreased by $1,250 to $36,872. The panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, dropped 51 points, or 2.3%, to 2,155, marking its lowest level since August 3.
Average daily earnings for panamax vessels declined by $462 to $19,391. Despite gains in the smaller supramax segment, they were insufficient to prevent the overall decline in the main index. This downturn in the industry was partly influenced by weak Chinese economic data, which raised expectations of additional stimulus. However, concerns over slowing industrial activity and a significant drop in steel output countered these gains.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
