Baltic Dry Index Dips to 3-Week Low
The Baltic Exchange's dry bulk sea freight index, which monitors rates for ships transporting dry commodities, fell by 2.7% to a three-week low of 1,540 points on Thursday, marking its eighth consecutive decline. This downturn was influenced by the announcement of tariffs by U.S. President Trump. The capesize index, responsible for transporting 150,000-ton cargoes such as iron ore and coal, dropped 4% to its lowest level since March 6, settling at 2,336 points. Meanwhile, the panamax index, typically associated with vessels carrying 60,000-70,000 tons of coal or grain, fell for the third consecutive day, decreasing by 2.1% to 1,464 points. Among smaller vessels, the supramax index declined by 5 points to 973, marking its seventh session of decreases." Broader tariffs announced yesterday are expected to hinder global shipping," commented analysts from Jefferies in a note. Filipe Gouveia from Bimco added, "This new tariff is set to primarily affect cargos transported by the supramax and handysize segments, with construction materials likely to be the commodities most impacted."
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