Baltic index falls as capesizes hit lowest in seven months

Capesize_ships

The Baltic Exchange’s dry bulk sea freight index declined on Wednesday, pressured by lower rates across the capesize vessel segment, recording its lowest level since June.

The overall index, which factors in rates for capesize, panamax and supramax vessels, lost 65 points, or 2.8%, to 2,229, its lowest since April 14.

Rates for the vessels have further eroded into the current week ahead of the holidays, shipbroker Intermodal said in a weekly note dated Tuesday.

The capesize index fell 208 points, or 7.8%, to its lowest since June 8 at 2,455.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,725 to $20,363.

Benchmark Dalian and Singapore iron ore futures fell as concerns over COVID-19 curbs in China and the approaching off-season for construction activity in the world’s biggest steel producer soured sentiment.

The panamax index added 73 points, or 3.2%, to 2,384, ending a 10-session losing streak.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $664 to $21,460.

The supramax index shed 46 points to its lowest in over three weeks at 2,337.
Source: Reuters

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