Baltic index weighed by dip in smaller vessels

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The Baltic Exchange’s dry bulk sea freight index edged lower on Tuesday to snap a seven-session long winning streak, as losses in the panamax and supramax segments overshadowed a gain in capesize rates.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 38 points to 2,689 points.

The panamax index was down 146 points at 2,946 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $1,314 to $26,512.

Shipping group Maersk has stopped buying Russian oil for its vessels due to the country’s invasion of Ukraine.

The capesize index gained 37 points to 2,823 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $312 to $23,413.

The supramax index slipped 33 points to 2,901 points.

Source: Reuters