Baltic index at near 1-month low as capesize, panamax rates fall

shipping

The Baltic Exchange’s main sea freight index fell on Tuesday, weighed by lower rates for capesize and panamax vessel segments.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 84 points, or about 5%, to 1,594, its lowest in nearly a month.

The Baltic capesize index dropped 221 points, or 7.5%, to 2,729, registering its lowest level since June 17.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, was down by $1,834 at $22,635.

However, rising demand for iron ore from China has helped the capesize segment to gain nearly 40% this year.

The panamax index was down 50 points, or 3.4%, at 1,415, its lowest in more than two weeks.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $452 to $12,736.

However, the supramax index rose 9 points, or 1%, to 929.

Source: Reuters

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