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Baltic index extends fall on waning demand for vessels

The Baltic Exchange’s dry bulk sea freight index fell for a 13th straight session on Tuesday, dragged lower by weaker rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 48 points, or 3.5%, to 1,343, its lowest since mid-February 2021.

The capesize index dropped 91 points, or 10.9%, to 745, its lowest since June 2020.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $755 to $6,180.

Iron ore futures in China and Singapore rose on Tuesday after miner Fortescue Metals Group raised concerns over a labour shortage in Australia because of COVID-19 curbs, which could hamper output and shipments of the steelmaking ingredient.

The panamax index eased 25 points to 1,988, its lowest since April.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $229 to $17,890.

The supramax index dipped 35 points to its lowest level since end-February 2021 at 1,693.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru)

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