Supply Chain Council of European Union |

Baltic index touches 4-1/2 month low on sluggish vessel demand

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a more than four-and-a-half month low on Monday, hurt by weaker rates across all vessel segments.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, dropped 19 points or 1.4%, to 1,338, its lowest since June 26.

* The capesize index fell 32 points, or 1.21%, to 2,603 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, decreased by $340 to $20,630.

* The panamax index inched lower by 6 points, or 0.5% to 1,112 points. extending losses for a 25th straight session, marking its biggest losing streak in over 9 months.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $48 to $8,924.

* The supramax index shed 12 points to 723. (Reporting by Nakul Iyer in Bengaluru)

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