Baltic index falls on sluggish capesize demand

Capesize_dry_bulk

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, declined on Thursday for a sixth consecutive session due to lower capesize rates.

The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 35 points, or 1.5%, to 2,331.

The capesize index dropped 114 points, or 2.4%, to 4,612.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $749 to $34,434.

“With less activity, (capesize) levels have softened down 6% week to week with both the major iron ore routes West Australia to China and Brazil to China,” shipbroker Fearnleys said in a note on Wednesday.

The panamax index fell 15 points, or 0.7%, to 2,129.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $120 to $17,051.

The supramax index inched down six points to 1,305.

Source: Reuters

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