Ports and Shipping - WORLDWIDE SHIPPING INDUSTRY - Baltic index hits one-week trough on sluggish demand.
| Author | Kazmi, S. Kamal Hayder |
Byline: S. Kamal Hayder Kazmi
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a one-week low on Wednesday, on weaker demand for all vessel segments.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down 1 point at 1,897, extending losses to a fourth session. The capesize index fell 10 points, or 0.3 percent, to 3,194. The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $174 to $25,838. China's top steelmaking city of Tangshan, in Hebei...
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