Baltic index hits near 2-week low

ships

The Baltic Exchange’s main sea freight index hit a near two-week low on Monday, hurt by lower rates across vessel segments.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 36 points, or 1.5%, at 2,295 points, its lowest since June 14.

The capesize index lost 64 points, or 2.7%, at 2,332 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $539 to $19,336.

However, Dalian and Singapore iron ore futures hit one-week highs on Monday, supported by hopes that Chinese steelmakers would restart dozens of blast furnaces.

The panamax index was down 43 points, or 1.6%, at 2,652 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $384 to $23,870.

The supramax index lost 10 points, to 2,439 points.

Source: Reuters

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