Baltic Dry Index Slides for 12th Day
The Baltic Exchange’s dry bulk sea freight index fell for a 12th straight session on Monday, hurt by declining capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 24 points, or 1.7%, to 1,391, its lowest since mid-February 2021.
The capesize index slipped 55 points, or 6.2%, to 836, its lowest since June 2020.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $455 to $6,935.
Iron ore prices fell on Monday as traders turned cautious ahead of the Spring Festival holidays and Beijing Winter Olympic Games, shrugging off a further liquidity-easing move by China’s central bank.
The panamax index edged 3 points higher to 2,013, snapping an 11-session losing streak.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $32 to $18,119.
The supramax index fell 21 points to its lowest level since end-February 2021 at 1,728.
(Reuters – Reporting by Brijesh Patel; Editing by Vinay Dwivedi)