Baltic Index Logs Worst Year since 2014
The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, inched up on Tuesday but recorded its worst year since 2014, hurt by weaker rates across all vessel segments.
The Baltic report will not be published until Jan. 2, 2025 due to post-Christmas and New Year holidays. The index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 3 points to 997 points. It fell 52.5% this year.
The capesize index rose 15 points to 1,147 points. The contract was down 66.7% for the year. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $128 to $9,516.
Iron ore futures prices gained for a second straight session on Tuesday, supported by pre-holiday restocking by steelmakers and revived hopes of stimulus in top consumer China.
The panamax index rose 8 points to 988 points, but has slumped 48.7% this year. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $68 to $8,888.
Among smaller vessels, the supramax index was down 9 points at 923 points, its lowest level since August last year. The index fell 32% this year.