Baltic index hits over 1-year low on weaker rates across vessels

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to near 15-month low on Monday, dragged down by losses across all vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 56 points to 1,298 points, its lowest level since Sep. 2023.

The capesize index lost 160 points to 1,973 points, hitting its lowest level in about one month.

Average daily earnings for capesize vessels which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,323 to $16,363.

Meanwhile, iron ore futures climbed on Monday, supported by upbeat factory data in top consumer China, but signs of faltering demand capped gains.

The panamax index lost 9 points to 1,009 points and was down for the twelfth session in a row, hitting a 16-month low.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $82 to $9,079.

Among smaller vessels, the supramax index edged 1 points lower to 979 points.