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Baltic index edges lower as smaller vessels weigh

The Baltic Exchange’s dry bulk sea freight index snapped a three-session long streak of gains on Thursday, pressured by weaker rates for panamax and supramax vessels.

The overall index, which factors in rates for capesize, panamax and supramax vessels, decreased by 17 points, or 0.6%, to 2,844.

The capesize index edged up 2 points to 3,872.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $10 to $32,109.

Prices for steel products and steelmaking ingredients on China’s commodity futures bourses surged on Thursday, following reports that China Evergrande Group had made coupon payments to bondholders, averting a destabilising default.

The panamax index fell 53 points, or 1.7%, to 3,026, its lowest in five months

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $471 to $27,237.

The supramax index decreased by 8 points to a six-month trough of 2,251.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Shailesh Kuber)

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