Baltic index hits 8-month low as smaller vessels weigh

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The Baltic Exchange’s dry bulk sea freight index slipped for an eighth straight session to its lowest level since mid-April, hurt by a decline in rates across its smaller panamax and supramax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 8 points, or 0.3%, to 2,371, its lowest since April 15.

The capesize index added 80 points, or 2.9%, to 2,807, snapping an eight-session losing streak.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $670 to $23,283.

Singapore iron ore futures rose for a third straight session, buoyed by renewed optimism over demand for the steel-making ingredient in the short term as signs emerged that top steel producer China is back to ramping up output this month.

The panamax index lost 88 points, or 3.6%, to its lowest in a month at 2,356.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $790 to $21,204.

The supramax index fell 33 points to 2,436, its lowest level in over two weeks.

Source: Reuters

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