Baltic index down for fourth session as vessel rates decline

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The Baltic Exchange’s dry bulk sea freight index fell for a fourth straight session on Tuesday as rates across vessel segments declined.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, dipped 67 points, or 2.7%, to 2,417 points.

The capesize index fell 95 points, or 5.5%, to 1,639.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $784 at $13,596.

Prices of steelmaking ingredients in China climbed on hopes for additional policy support to shore up the world’s second largest economy and the biggest steel producer that is now battling a COVID-19 surge.

The panamax index slipped 79 points, or 2.31%, to 3,337 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $717 to $30,029.

The supramax index dropped 45 points to 2,946 points.

Source: Reuters