Baltic Dry Index Dips on Weaker Demand for Larger Ships
The Baltic Exchange’s dry bulk sea freight index (.BADI) slipped on Wednesday as lower rates for capesize and panamax vessels outweighed gains in the supramax segment.
The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 72 points, or nearly 3.7%, at 1,896, the lowest since Feb. 10.
The capesize index (.BACI) dipped 237 points, or 13.8%, to a one-week low of 1,476.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell by $1,970 to $12,239.
The panamax index (.BPNI) eased 25 points, or 1%, to 2,375.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $227 to $21,374.
The supramax index (.BSIS) was up 43 points to 2,320.