Baltic index dips on lower capesize rates

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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped on Tuesday, as a dip in the capesize segment countered gains in panamax vessels.

The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, fell 18 points, or 0.97%%, to 1,829.

The capesize index .BACI slipped 53 points, or 1.96%, to 2,655.

Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes of iron ore and coal, among others, decreased $445 to $22,015.

Iron ore futures rose on Tuesday, as resilient demand and improved prospects in China continued to support the market.

The panamax index .BPNI snapped a six-session losing streak and rose 11 points, or about 0.61%, to 1,822.

Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain cargo, climbed $101 to $16,401.

Among smaller vessels, the supramax index .BSIS eased 10 points, or 0.72%, to 1,382.

Source: Reuters