Baltic index dips on weaker capesize, panamax demand

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The Baltic Exchange’s main sea freight index slipped on Thursday, as weaker capesize and panamax rates outweighed an uptick in demand for supramax vessels.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down 9 points, at 1,700.

The capesize index eased 14 points, or 0.9%, to an over one-week low of 1,471.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $112 to $12,203.

The panamax index dropped 68 points, or 3%, to 2,208, extending its losing streak to a sixth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down by $617 at $19,868.

The supramax index gained 44 points to 1,866, its highest level as per Refinitiv Eikon records going back to April 2017.

“Strong physical demand in both basins, though the feeling is toppish. Push after Chinese New Year in the Asian market seems still have some room to improve,” Fearnleys Research said about the supramax vessel segment in a weekly note.
Source: Reuters

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