The Baltic Exchange’s primary index, which gauges global shipping costs, continued its downward trajectory for the ninth consecutive day on Tuesday. This saw the index dip by roughly 2.9%, reaching its lowest point since September 18th, standing at 1,459 points.
Segmental Declines: Capesize and Panamax
Furthermore, the capesize index, which monitors large ships carrying around 150,000-tonne loads like iron ore and coal, marked its ninth successive fall. This downturn is the most prolonged since May, registering a drop of 3.4% and settling at 2,020 points. In tandem, the panamax index, which focuses on ships transporting coal or grain weighing between 60,000 and 70,000 tonnes, observed a significant 2.6% decline, landing at 1,534 points. This reduction is notably the steepest in over two months.
Smaller Vessels Also Affected
Additionally, when looking at smaller ships, the supramax index also recorded a decrease, shrinking by 2.1% to a value of 1,135 points.