The Falling Tide: Sea Freight Index at Lowest Since 2020
The Baltic Exchange’s main sea freight index, reflecting shipping rates for dry bulk commodities, has sunk to a three-year low, spurred by weaker rates across all vessel categories. The index dropped 2.1% to 608, with the Capesize index also down 2.3%, reaching a five-month low. Average daily earnings for these large vessels dipped to $3,475. The Panamax index fell 3.5% to 907, impacting earnings that dropped to $8,159. The Supramax index for smaller vessels declined marginally to 680. This overall downturn indicates potential challenges for the global economy due to the critical role of maritime shipping in international trade. (Read more…)
