Baltic index falls on lower capesize rates

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged lower on Monday, pressured by lower rates of the larger capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 11 points, or 1%, to 1,065.

The capesize index was down 36 points, or about 2.4%, to 1,492 – its lowest in more than a week.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, dropped by $299 to $12,375.

Dalian and Singapore iron ore futures fell after last week’s gains, weighed down by softening steel prices owing to sluggish demand and increasing supply.

The panamax index was unchanged from the previous session at 1,193.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped by $5 to $10,733.

Among smaller vessels, the supramax index rose 3 points to 751.

Source: Reuters

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