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

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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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