The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended its losses to a nearly two-year low on Wednesday, pressured by a dip in rates across capesize and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 20 points to 726 points, to its lowest since February 2023.
The capesize index slipped 55 points to 876 points, to its lowest since February 2023.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, lost $458 to $7,267.
The dry bulk market is currently experiencing a challenging environment, marked by weak demand and anticipated vessel deliveries that will lead to surplus ships compared to the amount of goods to be transported in 2025, said Yiannis Parganas, Head of Intermodal’s Research Department, in a note.
The panamax index gained 3 points to 751 points, rebounding from seven straight sessions of loss.
Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain, increased by $26 to $6,762.
Among smaller vessels, the supramax index was down 7 points at 612 points, hitting its lowest since June 2020.
Source: Reuters
