FX.co ★ Baltic Dry Index Up Slightly

The Baltic Exchange's dry bulk sea freight index, which monitors the shipping rates for vessels transporting dry commodities, experienced a slight increase of 0.3% on Wednesday, reaching 1,303 points. This rise was primarily driven by gains in the larger vessel category. Specifically, the capesize index, responsible for transporting cargoes of approximately 150,000 tons, including commodities like iron ore and coal, saw a notable increase of 3.6% to 1,874 points. Conversely, the panamax index, which handles loads of 60,000 to 70,000 tons, mainly coal or grain, continued its downward trend for the fifth consecutive session, plummeting approximately 3% to a two-month low of 1,169 points. The supramax index also decreased, dropping 10 points to reach its lowest point in three weeks at 964 points. According to Nikos Tagoulis from Intermodal, "Though the major bulk segments are encountering challenges, the bauxite trade stands out as a significant exception amidst an otherwise inconsistent dry bulk market, which is currently being affected by reduced Chinese demand due to a slowdown in local manufacturing activity and anticipated moderated GDP growth."