Baltic index dips on lower capesize, panamax rates
The Baltic Exchange’s main sea freight index fell from a four-week high on Tuesday pressured by lower capesize and panamax vessel rates.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 12 points, or 0.8%, to 1,586, snapping a fourteen session winning streak.
The capesize index dropped 25 points, or 1%, to 2,375.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, were down by $207 at $19,693.
Iron ore miner BHP Group, expects most major world economies except China to bear the brunt of a coronavirus-led downturn this year, as it reported a more than 4% drop in annual profit.
The panamax index declined 21 points, or 1.2%, to 1,798.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $191 to $16,181.
The supramax index edged 6 points higher to 949.
Source: Reuters (Reporting by Nakul Iyer in Bengaluru)