Capesize, panamax dip drags Baltic index lower

Capesize_bulk_carrier

The Baltic exchange’s main sea freight index fell for the first time in five sessions on Tuesday, dragged lower by a dip in the capesize and panamax segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 72 points, or roughly 2.5%, to 2,809.

The capesize index dropped by 213 points, or 5.3%, to 3,745, the lowest since April 20.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, dropped by $1,771 to $31,054.

Benchmark Dalian iron ore and Shanghai steel futures edged lower on Tuesday, as China’s warning against hoarding and speculation kept market participants on the edge.

The panamax index fell 31 points, or roughly 1.1%, to 2,809.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $273 to $25,285.

The supramax index rose by 22 points to 2,450.

Source: Reuters

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