Baltic index extends losses on lower rates across vessels

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended losses on Tuesday as rates across all vessel segments declined.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 54 points to 2,030 points.

The capesize index dipped 125 points to 3,524 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $1,029 to $29,229.

The panamax index was down 28 points at 1,386 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $249 to $12,478.

Among smaller vessels, the supramax index shed 13 points at 1,283.

Meanwhile, dockworkers on the U.S. East Coast and Gulf Coast began a strike early on Tuesday, halting the flow of about half the nation’s ocean shipping after negotiations for a new labor contract broke down over wages.
Source: Reuters