Baltic index down for third session as larger vessel rates dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a third consecutive session on Tuesday, weighed down by lower rates for the larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 44 points, or 3.1%, to 1,368.

The capesize index fell 123 points, or 6.8%, to 1,678.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $1,023 to $13,916.

The panamax index was down 31 points, or 1.9%, at 1,644.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $280 to $14,796.

Dalian and Singapore iron ore futures climbed to one-week highs as better-than-expected economic growth in China for the March quarter boosted investor sentiment.

Among smaller vessels, the supramax index was up 15 points at 1,113.
Source: Reuters