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Baltic index ends 10-day winning streak as rates for larger vessels slip

The Baltic Exchange’s dry bulk sea freight index ended a 10-session winning streak on Thursday, as rates of the larger segments, capesize and panamax, vessel fell.

The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 80 points, or 2.3%, to 3,343.

The capesize index dropped 200 points, or 3.9%, to 4,989, slipping from a more than one-month peak scaled in the previous session.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,651 to $41,379.

Dry bulk market is unlikely to bounce back to the levels seen in October with uncertainty in Chinese iron ore demand and a likely short-lived surge in coal demand, Charles Chasty, analyst at shipbroker Affinity Shipping told the Reuters Global Markets Forum.

Benchmark iron ore futures in Asia pulled back from six-week peaks hit during a relief rally earlier this week that was mainly driven by China’s policy support, particularly for its debt-saddled property developers.

The panamax index fell 76 points, or 2.4%, to 3,145, its lowest level in nearly a week.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $686 to $28,306.

However, the supramax index gained 21 points to 2,541, its highest level since Nov. 4.

Source: Reuters

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