Baltic index down as rates slide across all vessels

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The Baltic Exchange’s dry bulk sea freight index dipped on Wednesday as rates dropped across all the vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 98 points to 2,591 points.

The capesize index fell 191 points to 2,632 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $1,583 to $21,830.

Benchmark Dalian and Singapore iron ore futures rebounded from two-week lows, after Beijing’s indication to take measures to boost the domestic economy and ensure stable capital markets.

Meanwhile, COVID-19 outbreaks in manufacturing export hubs in China threatened to unleash a fresh wave of global supply chain shocks, ship owners, logistics firms and analysts said.

The panamax index was down 99 points at 2,847 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $886 to $25,626.

The supramax index slipped 25 points to 2,876 points.

Source: Reuters