Baltic Index Dips as Capesize and Panamax Rates Fall

The Baltic Exchange’s main sea freight index was down on 20 July 2020, weighed by weakness across capesize and panamax vessel segments, as reported by Reuters. The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 32 points, or approximately 1.9%, to 1678, the lowest in nearly a month.

The Baltic capesize index dipped 75 points, or 2.5%, to 2950. Average daily earnings for capesizes, which typically transport cargoes of 170 000 – 180 000 t, including iron ore and coal, was down by US$616 at US$24 469. Iron ore futures slipped on 20 July 2020 on rising port inventory of the steelmaking ingredient in China…

View entirety: Dry Bulk Magazine