Baltic Dry Continues Epic Plunge As IMF Slashes Global GDP Forecast
- 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.
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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.
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