Baltic index inches lower on weak demand for panamax, smaller vessels

Cosco-Post-Panamax

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell marginally on Tuesday as improved capesize rates failed to offset lower rates for panamax and smaller vessels.

The overall index, which considers rates for capesize, panamax, supramax and handysize shipping vessels, was down 3 points, or 0.37 percent, at 818 points.

The capesize index gained 13 points, or 0.96 percent, to 1,366 points.

“The capesize segment has snapped its multi-week decline on the back of firmer activity in the Pacific basin,” Clarksons Platou Securities analysts said in a note.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $123 to $9,960.

The panamax index shed 6 points, or 0.76 percent, to 783 points, the lowest level since Oct. 12, 2016.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $51 to $6,287.

Among smaller vessels, the supramax index fell 8 points to 658 points, while the handysize index was down 7 points at 434 points.

Source: Reuters

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