The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a ninth straight session on Tuesday to a near six-week low as rates fell across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 107 points, or 5.9%, to 1,714 points.
The capesize index lost 243 points, or 9.2%, at 2,394, its lowest level in nearly two months.
Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $2,014 to $19,852.
“While there has been a notable drop in the baltic exchange’s capesize and panamax indices, they are still significantly higher than a year ago… However, there are signs of cooling demand for capesize ships,” said Filipe Gouveia, BIMCO shipping market analyst
The panamax index, fell by 63 points or 3.4%, at 1,816 points, hitting it lowest level in four weeks.
Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, fell $572 at $16,341.
Among smaller vessels, the supramax index shed 28 points or 2.1% to 1,303 points.
Source: Hellenic Shipping News
