Baltic index drops to 2-week low as smaller vessels fall

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The Baltic Exchange’s main dry bulk sea freight index fell to a two-week low on Thursday, as a retreat in panamaxes and supramaxes offset a slight uptick in the larger capesize segment.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, declined 12 points, or 0.3%, to 4,001, lowest since Aug. 19.

The panamax index fell 57 points, or 1.5%, to 3,649.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $508 to $32,846.

Among smaller vessels, the supramax index extended its fall to a second day to 41 points at 3,393.

The capesize index, meanwhile, advanced 50 points, or 0.8%, to 5,716.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $420 to $47,407.

Chinese coking coal futures soared 8% to hit their daily upper limit and an all-time high on Thursday as sluggish imports and production control at mines stoked supply concerns.

Source: Reuters