Baltic index slides to 5-month low as capesize, panamax rates retreat


The Baltic Exchange’s dry bulk sea freight index on Tuesday declined to its lowest since early June, weighed down by a drop in demand for its larger capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 168 points, or 6.1%, to 2,591, its lowest level since June 9.

The main index was down for a fourth straight session.

The capesize index shed 369 points, or 9.8%, to an over one-week low of 3,383.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $3,054 to $28,059.

China’s coking coal futures dived more than 9% on Tuesday, extending losses for a third straight session amid increasing coal supply and tepid demand at coking plants.

The panamax index fell 175 points, or 6.1%, to an over six-month trough of 2,675.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased $1,575 to $24,072.

The supramax index gained 4 points to 2,263.

Source: Reuters



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