Baltic index slips to over 1-week low as larger vessel rates slide

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The Baltic Exchange’s dry bulk sea freight index fell to its lowest level in more than a week on Monday, pressured by easing rates in the larger capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, lost 56 points, or 1.7%, to 3,216, its lowest since Dec. 3.

The capesize index dropped 109 points, or 2.3%, to its lowest in a week at 4,718.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $908 to $39,127.

Chinese ferrous futures closed higher on Monday, with the benchmark iron ore contract rising nearly 6% at one point after two sessions of losses, as a pledge by the government to focus on economic stability next year bolstered demand outlook.

The panamax index fell 73 points, or 2.4%, to 2,995, its lowest level in nearly two weeks.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $658 to $26,952.

The supramax index rose 1 point to 2,552, a peak since Nov. 4.

Source: Reuters