Baltic index dips on weaker demand for panamax, supramax vessels
The Baltic Exchange’s main sea freight index that tracks rates for ships ferrying dry bulk commodities declined on Thursday, as a rise in capesize rates was offset by lower rates for panamax and supramax vessels.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, fell 22 points, or 1%, to 2,172, its lowest since March 17.
The panamax index was down 24 points, or 0.8%, to 2,834.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, fell $216 to $25,503.
The supramax index fell 63 points to 2,021.
“We have seen a dramatic change in sentiment from positive to negative as the smaller segment, as Panamax and Supramax, has lost its pace,” Fearnleys Research said in a weekly note.
“This has put some pressure on the Capesize segment, but mainly on forward pricing and period, while an inferno in the spot market is yet to be seen.”
The capesize index rose 15 points, or 0.7%, to 2,230.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, gained $124 to $18,490.
Meanwhile, a container ship blocking the Suez Canal may take weeks to free, salvage company Boskalis said, as officials stopped all ships entering the channel on Thursday.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)