Baltic index dips as vessel rates across segments fall

FILE PHOTO: Cargo ships navigate the Panama Canal during an organized media tour by Italy's Salini Impregilo, one of the main sub contractors of the Panama Canal Expansion project, on the outskirts of Colon city, Panama May 11, 2016.  REUTERS/Carlos Jasso/File Photo

The Baltic Exchange’s main dry bulk sea freight index extended its fall to a second day on Wednesday, as rates across vessel segments weakened.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, declined 119 points, or 2.8%, to 4,013.

The capesize index fell 253 points, or 4.3%, to 5,666.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, declined by $2,102 to $46,987.

Chinese iron ore futures plunged more than 8%, pulled down by sluggish spot market and as restrictions on steel output across the country dashed prospects of restocking demand.

The panamax index fell 75 points, or 2%, to 3,706.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $674 to $33,354.

Among smaller vessels, the supramax index fell 43 points to 3,434.

Source: Reuters

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