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Baltic index near multi-year low; capesize and panamax rates edge up

The Baltic Exchange’s main sea freight index was unchanged on Monday, languishing near the multi-year low touched last week, as a slight uptick in rates for larger vessels countered a fall in the supramax segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was flat at 946 points.

The capesize index (.BACI) gained 12 points, or about 1%, to 1,311.

Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $104 at $10,874.

The panamax index (.BPNI) snapped its 15-session losing streak, gaining 2 points, or about 0.2%, to 1,071.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $18 to $9,636.

Among smaller vessels, the supramax index (.BSIS) fell 13 points to 673.

Iron ore futures fell as reports of an increase in COVID-19 deaths in top steel producer China reignited concerns over demand.

Source: Reuters

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