Baltic index weakens on lower panamax, supramax rates

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The Baltic Exchange’s main sea freight index slipped on Monday, as weaker panamax and supramax rates more than offset rising capesize rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, snapped an eight-session streak of gains to fall by 2 points, or 0.2%, to 1,323.

The capesize index rose 17 points, or about 1%, to 1,819, its highest in nearly seven weeks.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $142 to $15,085.

Dalian iron ore futures extended a rally to jump nearly 10%, powered by a bullish demand outlook for 2021 and growing supply concerns.

The panamax index fell 25 points, or 1.8%, to 1,377, lowest since Dec. 8.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dipped $226 to $12,395.

The supramax index slipped 3 points to 1,054.

Source: Reuters

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