Baltic index prolongs decline in ship demand

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The Baltic Exchange’s Dry Bulk Sea Freight Index extended its slide to an 11th session on Wednesday as demand fell across all segments.

The global index, which takes into account capesize, panamax and supramax tariffs boatping vessels carrying dry bulk cargo, fell 56 points, or about 4.1%, to 1,321.

The Capesize index lost 102 points, or around 7.4%, to 1,286.

Average daily earnings for .BATCA capesizes, which typically carry 150,000-ton cargo such as coal and steelmaking iron ore used in construction, fell from $845 to $10,664.

“Only the expectation of additional new demand from Western Australia is a stabilizing factor for the market at this stage,” boatbroker Allied said on lowering rates for capesizes.

The panamax index lost 13 points, or around 0.8%, to 1,683, marking its 10th consecutive decline.

Average daily earnings for .BPWT panamaxes, which typically carry coal or grain cargoes of around 60,000 tons to 70,000 tons, fell from $117 to $15,149.

Russia has said it will resume its participation in a deal to unleash vital grain exports from war-torn Ukraine after suspending it over the weekend in a move that threatened to exacerbate hunger in the world.

The supramax index fell 57 points to a more than 20-month low of 1,332.

(Reuters – Reporting by Harshit Verma in Bengaluru;)

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