Weak Demand Across the Board Drives Down Baltic Dry Index

Sept 10 (Reuters) – The Baltic Exchange’s major sea freight index, which tracks charges for ships carrying dry bulk commodities, fell on Thursday for a 3rd consecutive session as a result of a drop in vessel charges.

The total index, which elements in common every day earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 25 factors to 830 factors.

The capesize index fell 54 factors, or 4.3 p.c, to 1,202 factors. Rates within the Pacific had been below strain primarily as a result of an absence of cargoes from Brazil, ship dealer Fearnleys stated in a weekly observe on Wednesday.

Average every day earnings for capesize vessels, which usually transport 150,000-tonne cargoes corresponding to iron ore and coal, had been down $510 to $8,662.

The panamax index dropped 25 factors, or 3.2 p.c, to 751 factors. “Few fresh requirements and more open tonnage (are) pushing rates down,” Fearnleys stated.

Average every day earnings for panamaxes, which often carry 60,000 to 70,000-tonne cargoes of coal or grain, fell by $194 to $6,006.

The index for the comparatively smaller handysize shed 4 factors to 468 factors, and the supramax index dropped 14 factors to 824 factors. (Reporting by Swati Verma in Bengaluru; Editing by Susan Fenton)

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