Weaker rates across vessel segments pull Baltic index down

Ships

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Monday for a third straight session, dragged down by weaker rates across all vessel categories.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 19 points, or 1.3 percent, to 1,445 points.

The panamax index fell 31 points, or 2.19 percent, to 1,387 points.

Average daily earnings for panamaxes, which typically carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down $246 at $11,130.

The capesize index snapped its five-session gaining streak and shed 9 points, or 0.27 percent, to 3,351 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $156 to $22,457.

Among indexes tracking rates for smaller vessels, the supramax index lost 24 points to end at 888 points. The handysize index shed 2 points and closed at 642 points.

Source: Reuters

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