Baltic index extends losses for 8th session on weaker vessel rates


The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the eighth straight session on Monday, dragged lower by a dip in rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell to a six-week low, slipping 61 points, or 3.9%, to 1,502.

The capesize index lost 135 points, or 6.1%, to 2,091, its lowest since September 22.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, lost $1,117 to $17,344.

Iron ore extended its climb with the most active Dalian futures at the key psychological level of 900 yuan ($122.98) a metric ton, boosted by solid demand and optimism following top consumer China’s decision to roll out fiscal stimulus.

The panamax index declined 30 points or 1.9%, to 1,575.

Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, fell $271 to $14,177.

Among smaller vessels, the supramax index shed 25 points or 2.1%, to 1,159 – its lowest level in seven weeks.

Source: Reuters


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