Baltic index slips to near 2-month low on weaker vessel rates

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The Baltic Exchange’s dry bulk sea freight index slipped to its lowest level in nearly two months on Monday, pressured by weaker rates across all vessel segments.

The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, shed 34 points or 2.1% to 1,594 points, its lowest since Feb. 15.

The capesize index .BACI was down for a fifth straight session. It dropped by 76 points, or 3.3%, to 2,198.

Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $631 at $18,226.

Iron ore futures prices climbed to their highest in nearly two weeks, buoyed by hopes of potential measures to bolster the feeble steel industry in top consumer China and expectations of a wave of post-holiday restocking from the country’s steelmakers.

The panamax index .BPNI fell by 28 points, or 1.7%, to 1,667 points, marking its lowest level in over a month.

Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, fell $254 to $15,001.

Among smaller vessels, the supramax index .BSIS edged down to 1,258 points.

Meanwhile, Houthi forces in Yemen said on Sunday they had launched rockets and drones at British, U.S. and Israeli ships, the latest in a campaign of attacks on shipping in support of Palestinians in the Gaza war.

Source: Reuters