Baltic index slips to over 1-1/2 month low on weaker vessel rates

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The Baltic Exchange’s main sea freight index, tracking rates for ships ferrying dry bulk commodities, fell to its lowest since early June on Monday on lower rates for all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 11 points to 967, its lowest since June 5.

The capesize index shed 20 points, or 1.4%, at 1,422.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $163 to $11,795.

Dalian iron ore futures ended relatively unchanged as property sector concerns erased earlier gains, while Singapore iron ore futures retreated.

The panamax index also retreated 14 points to 910, its lowest since late February.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $134 to $8,186.

Russia destroyed Ukrainian grain warehouses on the Danube River in a drone attack on Monday, targeting a vital export route for Kyiv in an expanding air campaign that Moscow began last week after pulling out of the Black Sea grain deal.

Among smaller vessels, the supramax index fell to 757.

Source: Reuters

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