Baltic index declines on capesize weakness

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The Baltic Exchange’s dry bulk sea freight index edged lower on Monday as the capesize segment dipped for a ninth consecutive session.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, dipped 60 points to 2,484 points.

The capesize index dipped 153 points, or 8.1%, to 1,734.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,268 at $14,380.

Dalian iron ore climbed to a seven-week high and the Singapore Exchange benchmark rebounded above $150 a tonne, as traders cheered China’s move to boost its short-term fund injection to counter possible market liquidity tightness.

The panamax index gained 3 points to 3,416 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $33 to $30,746.

The supramax index fell 29 points to 2,991 points.

Source: Reuters