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Baltic index slides for twelfth session on sluggish demand

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Source: REUTERS, August 8, 2019

The Baltic Exchange’s main sea freight index extended its decline for a twelfth session in a row on Wednesday, reaching its weakest level in more than a month, hurt by a softer demand for the capesize segment.



The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 22 points, or 1.3%, to 1,712 points, its lowest since July 4.



The capesize index slipped 131 points, or 4%, to 3,171 points, its weakest in more than a month. The index is down for the sixth straight session.



Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $740 to $23,885.



Dalian iron ore futures on Wednesday slumped to their lowest intraday level since June 26 on weakening demand and rising supply.



The panamax index gained 32 points, or 1.8%, to 1,791 points.



Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $252 to $14,320.



The supramax index was down 1 point at 955 points.

News Source: REUTERS
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