The Baltic Exchange’s main sea freight index fell for the third straight session on Monday as rates for capesize vessels declined to their lowest in more than six months.
* The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 73 points, or 4.9%, to 1,404 points, its lowest since Jan. 28.
* The capesize index was down for the third consecutive session, falling 216 points, or 16.4%, to 1,098 points, its biggest drop in 11 days.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,794 to $9,104.
* Meanwhile, China’s daily coal output in July surged 16% from a year earlier following Beijing’s call for miners to ensure sufficient supply during the peak summer demand season.
* However, China’s central bank cut key lending rates in a surprise move to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.
* The panamax index was down for the 15th straight session, shedding 22 points, or 1.2%, at a four-week low of 1,885 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $194 to $16,967.
* Ukraine’s grain exports are down 46% year on year at 2.65 million tonnes so far in the 2022/23 season, the agriculture ministry said.
* The supramax index rose for a second session, adding 14 points at 1,607 points on its best day since July 20.