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Baltic index falls to 4-month low on weaker vessel demand

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Source: Pixabay, November 5, 2019

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a four-month low on Monday, weighed down by easing rates across vessel segments.



The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 22 points, or 1.3%, to 1,675, its lowest since July 3.



The capesize index dropped 4 points, or 0.1% to 2,946 points, its lowest in more than a week.



Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $51 to $24,586.



The panamax index dropped 36 points, or 2.4%, to 1,477, its lowest since July 3.



Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $284 to $11,858.



The supramax index fell 40 points to 1,005.

News Source: REUTERS
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