Baltic index falls on lower vessel demand

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities fell on Monday, pressured by lower shipping rates for all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 33 points, or about 2.2%, to 1,456.

The capesize index lost 87 points, or about 4.6%, to 1,795.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $723 to $14,888.

The panamax index shed 7 points, or about 0.5% to its lowest since March 3 at 1,565.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $64 to $14,085.

Among smaller vessels, the supramax index lost 6 points to 1,326.

Dalian and Singapore iron ore futures rebounded on Monday from oversold levels, although traders’ disappointment particularly over tepid demand for construction steel products in China capped gains.

Source: Reuters

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