Baltic Dry Index at Over 2-Week Low

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, eased for the second straight session on Tuesday, dropping 2.2% to its lowest since October 19 at 2,590 points.

All vessel segments moved lower, with the downturn particularly pronounced among larger vessels.

The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, was also down for the second day, slipping by 3.6% to a one-week low of 3,821 points, likely tracking lower iron ore prices amid increased supply from major suppliers and sluggish demand for the commodity.

At the same time, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, fell by 0.4% to its lowest since April 13 at 1,866 points, extending its losing streak to 15 successive sessions.

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