Baltic index hits 2-week low on lower capesize rates

The Baltic Exchange’s main sea freight index fell for a seventh-straight session and hit an over two-week low on Thursday, weighed down by sluggish demand for capesize vessels.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 72 points, or 4.9%, to 1,388, its lowest in over two weeks.

The capesize index slid 285 points, or 9.9%, to 2,598.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell…

View entirety: Reuters