Baltic index falls for 9th day as vessel rates retreat

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The Baltic Exchange’s dry bulk sea freight index on Tuesday fell for a ninth consecutive session, on a dip in rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 94 points to 2,213 points.

The capesize index fell 172 points, or 9.6%, and touched its lowest in more than a month at 1,624 points.

Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, dropped by $1,427 to $13,496.

While the dry bulk sector continued its bullish momentum and started the second quarter on a “relatively positive tone,” signs of uncertainty and volatility in global markets could “rapidly add to downside risk,” Allied Shipbroking said in a weekly note.

The panamax index dipped 64 points, or 2.1%, to 2,951 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, lost $573 to $26,562.

The supramax index dropped 57 points to 2,660 points.

Source: Reuters