Baltic index retreats as capesize rates slip

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The Baltic Exchange’s main sea freight index fell on Wednesday, pressured by a dip in capesize vessel rates.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, shed eight points, or 0.6%, at 1,281.

The capesize index fell 33 points, or 1.7%, to 1,889.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, declined $278 to $15,664.

Dalian iron ore futures slipped over 5% on Wednesday as rising supply and declining steel margins in China triggered sell-offs.

The panamax index edged up three points to 1,299, snapping a 12-session losing streak.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, was up $26 at $11,692.

The supramax index rose nine points to 921 points, while the handysize index slipped one point to 553.

Source: Reuters

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