Baltic index dips on weaker capesize rates

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The Baltic Exchange’s dry bulk sea freight index slipped on Monday as lower capesize rates offset gains in smaller vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 37 points, or 1.9%, to 1,882 points. The index was down for the first time in 9 sessions.

The capesize index shed 137 points, or 4.8%, to 2,702, marking its lowest level in nearly a week.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $1,133 to $22,410.

Iron ore futures prices ticked lower, weighed down by diminishing hopes of more stimulus in top consumer China, high portside stocks, and risks of possible government intervention after a price rally last week.

The panamax index edged up by 12 points, or 0.6%, at 1,928 points, near a one-month peak.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, gained $102 to $17,348.

Among smaller vessels, the supramax index was up by 16 points, or 1.2%, to 1,410 points.

Source: Reuters