Baltic index falls for 4th straight day on weaker capesize rates

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth consecu-tive session on Tuesday, following a retreat in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down by 68 points or 3.4%, to 1,949.

The capesize index fell 197 points or 5.7%, at 3,276 – lowest since October 5.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, lost $1,636 to $27,169.

Iron ore futures climbed more than 3%, as Beijing was seen preparing an additional sovereign debt issuance as part of efforts to spur economic growth, while worries persisted about a deepening crisis in China’s property sector.

The panamax index climbed 10 points or 0.6%, to 1,648, its highest in three weeks.

Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, gained $85 to $14,831.

Among smaller vessels, the supramax index ticked 13 points, or 1% lower, to touch 1,266.

About 700,000 metric tons of grain have been exported through Ukraine’s new Black Sea export corridor since it began operating in August, the Ukrainian agriculture minister said.

Source: Reuters

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