Baltic index dips for a straight third session on lower vessel demand

bulker

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for a third consecutive session on Tuesday, due to lower demand for larger capesize and panamax vessels.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 18 points, or 0.9%, to 1,898.

The capesize index dropped 50 points, or 1.5%, to 3,204.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $401 to $25,664.

The panamax index was down by 10 points, or 0.5%, at 1,918, ending seven straight sessions of gains.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, dipped $79 to $15,376.

The supramax index rose 4 points to 1,227.

Source: Reuters

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