Baltic index snaps 8-session winning streak as larger vessel rates fall

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The Baltic Exchange’s dry bulk sea freight index .BADI, tracking rates for ships carrying dry bulk commodities plunged on Tuesday, snapping an eight-session-long winning streak, dragged down by lower rates for capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 203 points, or 6.1%, at 3,143. The Index had hit a one-and-a-half-year high on Monday.

The capesize index lost 636 points, or 9.7%, to 5,946. The index had scaled a more than two-year high in the previous session.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, lost $5,274 to $49,310.

Dalian iron ore futures declined on lingering fears of China’s supervision of the markets to ensure price stability, though analysts cautioned that the downward trend may be short-lived.

The panamax index was down 16 points, or 0.7%, at 2,425.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $143 to $21,823.

Among smaller vessels, the supramax index hit an over one-year high, adding 39 points, or 2.6% to 1565.
Source: Reuters

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