Baltic main index hits over one-month low

cape

The Baltic exchange’s main sea freight index fell for a seventh straight session on Thursday to a more than one-month low, hurt by lower capesize rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down by 58 points, or 2.3%, at 2,472, its lowest since April 20.

The capesize index dropped 197 points, or nearly 6.9%, to a near two-month low of 2,665. The index also dipped for a seventh consecutive session.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, dropped by $1,629 to $22,102.

Major shipping companies have warned clients of worsening congestion at Shenzen’s Yantian port in southern China following the discovery of several asymptomatic cases of COVID-19 in the city, with more than 40 container ships anchored in open water outside the terminal.

Chinese coke futures rose as much as 6% to close at a three-week high on Thursday, buoyed by fears of falling supplies and resilient demand from steel mills.

The panamax index rose 41 points, or about 1.4%, to 2,896.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, went up by $375 to $26,068.

The supramax index shed 15 points to 2,441.

Source: Reuters

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