FX.co ★ Baltic Dry Index Slips to 3-Week Low

The Baltic Exchange's dry bulk sea freight index, which monitors freight rates for ships transporting dry commodities, declined by approximately 1.8%, reaching its lowest level since April 22, at 1,280 points, primarily due to pressure on larger vessel categories. The capesize index, responsible for the transport of 150,000-ton cargoes such as iron ore and coal, decreased by 3.5% to 1,671 points. Similarly, the panamax index, typically associated with vessels carrying 60,000-70,000 tons of coal or grains, fell by 1.9% to 1,316 points, marking its lowest point since April 22. According to Yannis Parganas from Intermodal, "We are observing an oversupply in the Pacific, which is driving rates down, and coal shipments to China remain subdued." Conversely, there was a slight increase among smaller vessels, as the supramax index rose by seven points to 977 points.