Baltic index snaps 5-day winning streak as capesize rates slip

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a five-session winning streak on Wednesday, on a dip in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 27 points, or 2.4%, to 1,123.

The capesize index dropped by 112 points, or 5.8%, to 1,808 — its worst day since July 5.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased by $927 to $14,997.

The panamax index gained 48 points, or 4.6%, to 1,082, up for the sixth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $434 to $9,741.

Among smaller vessels, the supramax index fell by 9 points, or 1.3%, to 700.

Dalian coking coal futures ended at a one-week high after hitting a more than three-month high earlier, as supply in northern China was disrupted by the worst storms in more than a decade caused by typhoon Doksuri.

Source: Reuters

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