Baltic index dips on lower rates across vessel segments
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday pressured by declines across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shrunk 72 points, or 2.2%, to 3,228.
The capesize index led declines, falling 120 points or 3.2% to 3,650, snapping a four-day winning streak.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, fell by $994 to $30,272.
Iron ore futures in Asia rose on Tuesday, with the benchmark Dalian contract advancing more than 3%, as lingering concerns about tight supply of the steelmaking raw material eclipsed expectations of a slowdown in China’s steel demand.
The panamax index dropped for a seventh consecutive session, declining 100 points, or 2.5%, to 3,970, the lowest since June 28.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, reduced by $892 to $35,734.
The supramax index was down 17 points at 2,865.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Ramakrishnan M.)