Baltic Index Slides For 10th Session As Capesize Rates Fall

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The Baltic exchange’s main sea freight index slipped for the tenth straight session on Tuesday, pressured by a decline in capesize rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, shed eight points, or 0.3%, to 2,420.

The capesize index fell by 74 points, or 3%, to 2,393, its lowest since March 31.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, declined by $613 to $19,845.

Benchmark Dalian iron ore futures hit a one-week low, as a slide in steel prices in China spurred by signs of slowing demand, dragged down the raw material.

The panamax index gained 39 points, or 1.3%, to 2,993, the highest since May 13.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, went up by $352 to $26,940.

The supramax index rose by 18 points to 2,479.

Source: Reuters

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