Baltic Dry Index Down for 3rd Day
The Baltic Exchange's dry bulk sea freight index, a key indicator of shipping rates for vessels carrying dry commodities, experienced a decline for the third consecutive day on Wednesday. The index fell about 2.3%, reaching its lowest level since August 21, settling at 1,940 points. This drop was primarily due to pressure on the larger vessel segments. The capesize index, which is associated with 150,000-ton cargoes like iron ore and coal, decreased by 101 points, landing at 2,773 points. Similarly, the panamax index, typically responsible for transporting 60,000 to 70,000 tons of coal or grain, saw a decline of 23 points, falling to 1,719 points. On the other hand, the smaller supramax index experienced a slight rise of 1 point, reaching 1,467 points.
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