Baltic index snaps 6-day winning streak on weaker capesize rates

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The Baltic Exchange’s main sea freight index, which tracks rates of ships carrying dry bulk commodities, slipped for the first time in seven sessions on Thursday on softer rates in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 22 points, or 0.9%, to 2,403 points, after hitting a one-month peak on Wednesday.

The capesize index fell 77 points, or 3.5%, to 2,149 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $639 to $17,821.

Dalian coking coal and coke futures fell about 3% on Thursday, dented by poor spot market prices, while thin profits at mills hurt downstream demand for the steelmaking ingredients.

The panamax index gained 10 points, or 0.3%, to 2,914 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $89 to $26,228.

Jordan’s state grain buyer has issued an international tender to buy 120,000 tonnes of milling wheat which can be sourced from optional origins, European traders said on Thursday.

The supramax index was unchanged at 2,736 points.

Source: Reuters