Panamax freight index falls below 2,000 points
The Baltic Exchange Panamax index, a freight pricing barometer for the international shipping market for grain, coal and iron ore cargoes moving on Panamax-size vessels, fell below 2,000 points Thursday. The index closed down 50 points to 1,956, a two-year low.
Reuters attributed the fall in dry-bulk Panamax index to a seasonal downturn in Latin American grains exports, a drop in Indian iron ore exports to China, decreasing port congestion and rising global ship supply.
The daily Panamax index is calculated using a mixture of voyage and time charter rates on seven routes.
Dry bulk freight indices have been knocked hard after China slowed iron-ore imports around mid-March, Reuters reported.