The Baltic Exchange's dry bulk sea freight index .BADI, which tracks rates for ships carrying dry bulk commodities, fell for a sixth straight session on Tuesday to an over one-year low as
The Baltic Exchange's dry bulk sea freight index .BADI, which tracks rates for ships carrying dry bulk commodities, fell for a sixth straight session on Tuesday to an over one-year low as rates weakened across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 29 points, or 3.03%, to 928 points - its lowest since June 2023.
The Baltic index is expected to decrease in the lead up to the Chinese new year, as this is typically a period of weaker demand for the sector, said an economist at the Baltic and International Maritime Council (BIMCO).
"We expect a weaker supply-demand balance in 2025 compared to 2024, especially if safety is restored in the Red Sea and ships are able to return."
Companies around the world are not ready to return to the Red Sea trade route in the wake of a Gaza ceasefire deal because of uncertainty over whether Yemen's Houthis will continue to attack shipping, industry executives said.
The capesize index slipped 43 points, or 3.24%, close to a two-week low of 1,284 points. While, average daily earnings for capesize vessels, which typically transport cargoes of 150,000 metric tons,
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