Baltic Index flat as gains in smaller vessels offset weaker capesize

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The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, was steady on Monday as gains in the panamax and supramax segments offset a decline in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was unchanged at 1,948.

The capesize index slipped 19 points, or 0.6%, to 2,938.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, was down $162 at $24,363.

Iron ore futures prices slid after downbeat economic data as well as floods and high temperatures in top consumer China cast a shadow over the near-term demand outlook.

The panamax index was up 10 points, or about 0.5%, to 1,960, its highest level since May 14.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, gained $91 to $17,637.

Among smaller vessels, the supramax index was up 11 points, or 0.8%, to 1,346, marking its highest level since May 23.

Meanwhile, Yemen’s Houthis said on Sunday they had attacked two civilian ships along with an American destroyer in the Red Sea and the Arabian Sea, in their latest effort to disrupt shipping in what they describe as support for Palestinians in Gaza.

Source: Reuters