Baltic index extends dip on weakness across vessel segments

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The Baltic Exchange’s main sea freight index fell for a fourth straight session on Tuesday on weakness across vessel segments, with the panamax segment falling by the most in over eight months.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 65 points, or about 6%, to 1,017 points, a more than two-year low.

* The capesize index fell for the fourth consecutive session, shedding 74 points, or about 18%, to 337 points, its lowest since early June 2020.

* Dalian and Singapore iron ore futures plummeted amid renewed worries over COVID-19 curbs and steel output restrictions in top producer China.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell by $620 to $2,793.

* The panamax index fell 88 points, or about 6.4%, to 1,284 points, on its worst day since mid-December 2021. It also hit its lowest since late November 2020.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $788 to $11,556.

* The supramax index fell for the third day, losing 53 points to 1,691 points, on its worst day in more than three weeks.

Source: Reuters