Baltic index falls for 13th day

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The Baltic Exchange’s dry bulk sea freight index slipped for a 13th straight session on Monday, as capesize rates hit their lowest level in more than two-months.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 24 points, or about 1.2%, to 2,031 points, its lowest since Feb. 18.

The capesize index slipped 49 points, or 3.4%, to 1,395 points, its lowest level since early February.

Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, decreased by $413 to $11,566.

Chinese steel futures prices fell tracking lower raw material prices as still stringent COVID-19 related measures dented market sentiment and fuelled worries that the recovery in the world’s second-largest economy might lose steam.

The panamax index added 8 points to 2,785 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $66 to $25,063.

The supramax index dropped 29 points to 2,473 points.

Source: Reuters