Baltic index inches down on weaker capesize rates

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The Baltic Exchange’s main sea freight index .BADI snapped a three-session winning streak on Tuesday as lower rates for capesize vessels overshadowed gains in the panamax segment.

  • The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 3 points to 1,142.
  • The capesize index .BACI fell 49 points, or 2.7% to 1,783, its lowest in more than two weeks.
  • Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $401 to $14,791.
  • “Some routes moved on the negative side, underlying the overall fragile momentum in the market at this point,” shipbroker Allied said in a weekly note on Monday, referring to the capesize segment
  • The panamax index .BPNI gained 42 points, or 3.6%, to 1,195, its highest since May 23.
  • Average daily earnings for panamax vessels .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $381 to $10,754.
  • Iron ore futures edged lower as weak China economic trade data added pressure on authorities to roll out further concrete stimulus measures, while steel output cuts continued to weigh on the market.
  • Among smaller vessels, the supramax index .BSIS was up 3 points to 689.

Source: Reuters

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