Baltic index down for 8th day on decline in vessel rates


The Baltic Exchange’s dry bulk sea freight index fell for an eighth consecutive session on Monday, pulled down by lower rates in all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 50 points to 2,307 points.

The panamax index dipped 58 points, or 1.9%, to 3,015 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, lost $525 to $27,135.

However, ferrous commodity futures in China climbed with iron ore hovering near an eight-month peak as gloomy domestic factory activity data bolstered expectations of additional economic stimulus measures for the world’s top steel producer.

The capesize index fell 68 points, or 3.7%, to 1,796.

Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, increased $564 to $14,896.

The supramax index dropped 38 points to 2,717 points.

Source: Reuters