Falling Rates across Vessel Segments drag Baltic Index to Over One-Month Low

LONDON: The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, extended losses on Thursday and fell to a more than one-month low, weighed down by falling rates across all vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 71 points to 1,909 points, its lowest since August 21. The index was down for its fifth straight session.

The capesize index dropped 170 points to 2,720 points, the lowest level in over a month.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,406 to $22,562.

The panamax index lost 40 points to 1,685 points, its lowest since August 20.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $357 to $15,164.

Among smaller vessels, the supramax index slipped for its fifth consecutive session. It was down 11 points at 1,456 points.
Source: Reuters