Baltic index falls for 10th session on waning demand across vessels

bulk

The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities fell for a tenth straight session on Tuesday, weighed down by weaker rates across vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 59 points, or 4.2%, at 1,350 points, its lowest since Sept. 21.

The capesize index shed 155 points, or 7%, at 2,064 points, also extending its losing streak to a tenth straight day.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, slipped $1,281 to $17,121.

Construction rebar futures on China’s Shanghai Futures Exchange (ShFE) slipped on Tuesday, as data showing a slowing housing market raised worries over the sector.

The panamax index fell 25 points, or 1.9%, to 1,273 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $222 to $11,459.

Among smaller vessels, the supramax index eased three points to 973 points.

Source: Reuters

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