FX.co ★ Baltic Dry Index Eases for 2nd Day

The Baltic Exchange's dry bulk sea freight index, which monitors the rates for ships transporting dry commodities, declined for the second consecutive day on Wednesday, dropping approximately 1% to reach a new low since April 22, settling at 1,267 points. This decline was primarily driven by the larger vessel categories. The capesize index, which is responsible for carrying 150,000-ton cargoes such as iron ore and coal, fell around 1.4% to 1,648 points. Similarly, the panamax index, which typically follows vessels transporting 60,000-70,000 tons of coal or grain, decreased by 1.6%, hitting a new low since April 22 at 1,295 points. In contrast, the supramax index remained unchanged at 977 points. "The rates in the Atlantic region have considerably weakened, with cargo loadings slowing compared to early May, while the number of ships in ballast has remained static," stated Filipe Gouveia from BIMCO.