Baltic index drifts lower as capesize rates weigh

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The Baltic Exchange’s main sea freight index, which tracks rates for capesize, panamax and supramax vessels, slipped on Monday due to lower rates for the capesize vessel segment.

The Baltic dry index shed 4 points, or 0.4%, to 1,111.

The capesize index fell 26 points, or 1.7%, to 1,481.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, fell $216 to $12,282.

Crude steel output from China fell for a second straight month in October on environmental restrictions and an easing winter demand outlook. But the measures are not expected to have the same impact this year as most mills have completed environmental upgrades.

The panamax index rose 16 points, or 1.3%, to 1,214, gaining for a third straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $150 to $10,930.

The supramax index remained unchanged at 884.

Source: Reuters

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