- Baltic Dry Continues Epic Plunge As IMF Slashes Global GDP Forecast
by Tyler Durden, https://www.zerohedge.com/
The Baltic Exchange’s main sea freight index hit a nine-month low on Monday, dragged down by falling rates of capesize and panamax segments as world trade continues to slump.
The Baltic Dry Index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities across the world, dropped 25 points, or 3.3%, to 729 (according to Refinitiv data), the lowest level since April 2019:
- The capesize index .BACI dropped 119 points, or 16.7%, to 593 – its lowest since April 23.The index registered its 27th straight session of losses, and also its largest daily percentage loss since early April.
- Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $592 to $7,760.
- The panamax index .BPNI lost 4 points, or 0.5%, to 866.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined $39 to $7,791.
- The supramax index .BSIS remained unchanged at 560 points.