Baltic Dry Bulk Freight Index Falls To Near One-Week Low

The Baltic Exchange’s main sea freight index dropped on Monday, pressured by declining rates across the capesize and panamax vessel segments.

The Baltic index, which measures shipping rates for capesize, panamax and supramax vessels, fell 32 points, or 1.23%, to 2,628 points. This marked the index’s lowest level in nearly a week.

The capesize index decreased 65 points, or 1.71%, to 3,726 points, reaching a near one-week low. Average daily earnings for capesize vessels, which generally carry 150,000-ton cargoes of iron ore and coal, dropped by $585 to $30,292.

Iron ore prices traded within a narrow range on Monday. Market participants balanced expectations of seasonally weaker demand in China, the world’s largest consumer, against possibilities of additional stimulus measures from Beijing to support the world’s second-largest economy.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →