Baltic index snaps four-day winning streak on lower vessel rates

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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined on Monday after four sessions of gains as rates slipped across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 7 points to 1,233.

The capesize index shed 5 points to 2,075.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, decreased $43 to $17,209.

The panamax index fell 14 points, or about 1.2%, to 1,113 – its lowest level since June 6.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $126 to $10,013.

The supramax index shed 2 points to 741.

Source: Reuters

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