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Baltic index down for third day on lower demand for large vessels

The Baltic Exchange’s dry bulk sea freight index fell for a third straight session on Monday on weaker rates for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax and supramax vessels, slipped 36 points to 2,040.

The capesize index fell 74 points to 1,617.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $612 to $13,414.

“Traders fear EU/US sanctions against Russian energy exports will disrupt supplies and tanker availability, and are looking outside the Black Sea region for alternative crude sources,” analysts at Jefferies wrote in a note.

Meanwhile, iron ore futures in China and Singapore climbed on Monday over concerns that a prolonged armed conflict between Russia and Ukraine could curb global supply of the key steelmaking ingredient.

The panamax index decreased 59 points to 2,599.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $533 to $23,389.

The supramax index gained 11 points to 2,428.

Source: Reuters

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