Lower capesize, panamax rates weigh on Baltic index

0
1562

The Baltic Exchange’s main sea freight index fell for a third straight day on Wednesday, pressured by losses in the larger capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 45 points, or 3.8%, to 1,138 — its lowest level in a week.

The capesize index lost 115 points, or 6.0%, at 1,822.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $955 to $15,113.

Meanwhile, Dalian and Singapore iron ore futures continued their uptrend, but gains narrowed on weak industrial data in top consumer China and as expectations of fresh stimulus measures faded.

The panamax index was down 31 points, or 2.9%, at 1,058, declining for the seventh straight session.

“In the Atlantic, grain trade activity was sluggish, while in the Pacific, public holidays in China further contributed to the downward pressure,” shipbroker Intermodal said in a weekly note referring to the panamax segment.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slid $271 to $9,526.

Among smaller vessels, the supramax index rose 6 points to 752.

Source: Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here