Baltic index falls as larger vessel rates dip

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The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell on Monday, weighed down by a dip in rates for the capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 24 points, or 1.2%, to 1,973.

The capesize index lost 49 points, or 1.6%, to 3,093.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, was down $409 at $25,650.

Iron ore futures extended losses to their lowest levels in more than two months, pulled down by signs of dull steel consumption in top consumer China and a stronger U.S. dollar.

The panamax index edged lower by 35 points, or about 1.9%, to 1,792, its lowest level since June 10.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, lost $310 to $16,131.

Among smaller vessels, the supramax index was up 7 points, or 0.5%, to 1,405, its highest level since May 16.

The European Union will add 27 vessels, including oil and liquefied natural gas tankers, to its list of entities under sanctions as part of its latest measures against Russia, two sources familiar with the matter said on Monday.

Source: Reuters