Baltic index snaps 6-day win streak on lower vessel rates

ships

The Baltic Exchange’s main sea freight index tracking rates for ships ferrying dry bulk commodities snapped a six-session winning streak on Tuesday, weighed down by weaker demand across all vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, fell 48 points, or 2.1%, to 2,271.

The capesize index declined 77 points, or 3.2%, to 2,305.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, fell $637 to $19,114.

Dalian coke futures slumped for a third consecutive session on Tuesday, weighed down by weak demand for the steelmaking raw material in China and as steel mills lowered their buying prices citing ample stocks.

The panamax index was down 75 points, or 2.5%, to 2,983, snapping a seven-session rally.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, fell $674 to $26,846.

The supramax index fell 7 points to 2,126.

Source: Reuters

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