Baltic index hits nearly three-year low on weaker vessel demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 6 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, fell to the lowest in nearly three years, pressured by weaker rates across vessel segments.


* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or about 2.1%, to 608, its lowest since early-June 2020.
* The capesize index lost 10 points, or about 2.3%, to over a five-month low of 419.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $86 at $3,475.
* Singapore iron ore futures fell to their lowest in nearly three weeks, while Dalian prices see-sawed, as traders curbed their optimism about demand prospects in top steel producer China.
* The panamax index lost 33 points, or about 3.5%, at 907, its lowest since June 15, 2020.
* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $297 to $8,159.
* Among smaller vessels, the supramax index fell 2 points to 680. (Reporting by Harshit Verma in Bengaluru; Editing by Shilpi Majumdar)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.