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

The Baltic Exchange's dry bulk sea freight index, which serves as a benchmark for vessel rates transporting dry commodities, experienced a decline for the second consecutive session on Tuesday, falling approximately 2.9% to reach its lowest level since August 5, settling at 1,964 points. This decrease was predominantly driven by diminished demand within the larger vessel segment. Specifically, the capesize index, responsible for transporting substantial cargoes of around 150,000 tons such as iron ore and coal, saw a significant drop of nearly 6%, hitting a two-week low at 3,023 points. In contrast, the panamax index, typically associated with 60,000-70,000 tons of coal or grain, experienced a slight increase of 0.4%, reaching 1,637 points. Additionally, the supramax index recorded a modest gain of 0.6%, climbing to 1,369 points.