The Baltic Exchange's dry bulk sea freight index experienced a decline on Tuesday, with weaker capesize rates overshadowing gains in smaller vessel segments.
Specifically, the capesize index plummeted by 99 points, or 2.4%, to 3,990, while the panamax index inched up by 8 points to 2,306, marking its highest level since December 6.
Among smaller vessels, the supramax index saw a slight increase of 13 points, reaching 1,351 points.
In terms of earnings, average daily rates for capesize vessels, known for transporting 150 000-tonne cargoes like iron ore and coal, experienced a decrease of $818 to $33,093.
Conversely, rates for panamax vessels, typically carrying about 60,000-70,000 tonnes of coal or grain cargo, rose by $72 to $20,757.
The Baltic Dry Index, which tracks the benchmark market for this commodity, has increased by 298 points or 14.23% since the beginning of 2024.
It is expected to trade at 2218.45 points by the end of this quarter, with an estimated value of 2574.79 in 12 months. – Source: Trading Economics
