THE Baltic Exchange's main sea freight index extended its retreat, touching a near two-month low as vessel segments dipped, reports Reuters.
Although lower Baltic rates would typically lower shipping costs, the Covid crisis has made it so the price to transport goods and raw materials by sea very challenging due to supply disruptions and bottlenecks.
The overall index lost 60 points, or 2.6 per cent, to reach 2,260 points, its lowest level since April 21. The capesize index BACI dipped 5.3 per cent, 125 points to 2,246.
Average daily earnings for capesizes decreased by US$1,038 to $18,627. The panamax index BPNI dropped 1.1 per cent, 29 points to 2,600 points. Average daily earnings for panamaxes dropped by $259 to $23,403.