Baltic index slips for 9th session as rates for larger vessels dip

Panamax-bulk-carrier

The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities fell for a ninth consecutive session on Monday, driven by lower rates for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 68 points, or 4.6%, at 1,409 points, its lowest since Sept. 22.

The capesize index shed 187 points, or 7.8%, at 2,219 points, also extending its losing streak to a ninth straight day.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dipped $1,550 to $18,402.

Rising stocks in China coupled with a weak outlook for domestic steel demand during winter pushed Dalian iron ore futures to a three-week trough on Monday.

The panamax index dropped 25 points, or 1.89%, at 1,298 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $225 to $11,681.

Among smaller vessels, the supramax index was flat at 976 points.
Source: Reuters

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