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Baltic index consecutively slides for seven sessions
The Baltic Exchange’s main dry bulk sea freight index on Wednesday 27 Mar fell for the seventh consecutive session to its lowest levels in more than a month, hurt by declining rates across all vessel segments.
Dr.G.R.Balakrishnan Mar 29 2024 Shipping News

Baltic index consecutively slides for seven sessions

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 144 points, or 7.2%, to 1,845 points, its lowest since Feb. 22.

The capesize index lost 326 points, or 11%, at 2,638, down for the seventh straight session.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $2,705 to $21,875.

The panamax index, fell by 103 points or 5%, at 1,941 points, hitting it lowest level in over two weeks. Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, fell $922 at $17,470.

Among smaller vessels, the supramax index .BSIS edged down to 1,353 points.

Baltimore’s Francis Scott Key Bridge collapsed on Tuesday after a container ship smashed into a pylon with the disaster forcing the indefinite closure of the Port of Baltimore, one of the busiest on the U.S. Eastern Seaboard.

With the suspension of traffic at Port of Baltimore, “overall it appears the market impact on container shipping and dry bulk will be relatively muted though at the margin this disruption does have some tightening effect,” Jefferies analysts wrote in a note.