New Delhi, January 21, 2022: The Baltic Exchange’s dry bulk sea freight index fell for a tenth straight session on Thursday, touching its lowest level in about a year, on waning demand across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 96 points, or 6.1%, to 1,474, its lowest since February 2021.
The capesize index dropped 195 points, or 15.9%, to 1,031, its lowest since Feb. 12 last year.
“Big ships are still suffering from the typical January dip after a very brutal start to the year,” shipbroker Fearnleys said in a weekly note, referring to the capesize segment.
Average daily earnings for capesize vessels, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $1,622 to $8,547 according to the reports published in shippingtribune.com.
Meanwhile, iron ore pushed higher on expectations of further monetary easing measures in top steel producer China.
The panamax index slipped 71 points, or 3.4%, to its lowest since April at 2,024.
Average daily earnings for panamax vessels, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $632 to $18,220.
The lack of coal exports from Indonesia continued to impact the market in the week to Jan. 20, Fearnleys added.
Indonesia’s government has eased a coal export ban for 139 companies as of Thursday. The world’s biggest thermal coal exporter on Jan. 1 imposed a month-long export ban without warning, causing jitters in markets and among major importers.
The supramax index eased 39 points to 1,773.
