Baltic index extends losses as larger vessel rates dip

0
931

The Baltic Exchange’s main sea freight index fell for the third consecutive session on Monday, weighed down by lower capesize and panamax vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 63 points, or 2.96%, to 2,066.

The capesize index slipped 184 points, or 5.59%, to 3,108.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, decreased $1,528 to $25,773.

Iron ore futures prices strengthened on Monday, as news of Chinese authorities issuing more bonds to spur economic growth outweighed the impact of weaker-than-expected credit data in the country.

The panamax index was down 9 points, or about 0.44%, to 2,017, snapping a seven-session winning streak.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, lost $73 to $18,157.

Among smaller vessels, the supramax index .BSIS held steady at 1,485.

Source: Reuters