Baltic Dry Index Falls Further After Record Drop
The Baltic Dry Index fell further today after yesterday’s biggest daily percentage drop since 1984.
Jan 4 (Reuters) – The Baltic Exchange’s dry bulk sea freight index extended its decline to hit an over one-month low on Wednesday, weighed by weaker demand across vessel segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, lost 74 points, or 5.9%, to 1,176, a day after posting its biggest daily percentage loss in decades.
* The capesize index dropped 119 points, or 7.3%, to 1,516, its lowest in more than four weeks.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $986 to $12,575.
* Iron ore futures slipped in volatile trade on Wednesday, as COVID-19 disruptions and lingering concerns over weak real estate market in China outweighed optimism around the country’s reopening and economic stimulus measures.
* The panamax index fell 60 points, or about 4.2%, to 1,378, its lowest since Sept. 5.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $544 to $12,400.
* The supramax index .BSIS shed 56 points to $912, its lowest in more than two years.
(Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar)(c) Copyright Thomson Reuters 2023.
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