Baltic index extends falls on lower capesize, panamax rates

Greece-Hellenic-Carriers-Panamax-Vessel

The Baltic exchange’s main sea freight index fell for a fourth consecutive session on Monday, dragged lower by a dip in rates for capesize and panamax vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 83 points, or 2.8%, to 2,856, the lowest level since April 26.

The capesize index dropped 222 points, or 5.3%, to 3,943, its lowest since April 20 this year.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased by $1,840 to $32,702.

Chinese construction rebar and hot rolled coils’ futures declined on Monday, down for a third consecutive session after steel prices surged to historical highs last week.

The panamax index fell 52 points, or 1.8%, to 2,909.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, declined by $473 to $26,179.

The supramax index was up 13 points at 2,310.

Source: Reuters

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