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Baltic index extends losses on weaker vessel demand

The Baltic Exchange’s main sea freight index fell to its lowest in nearly four weeks on Tuesday, pressured by lower rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, was down 46 points, or 3.0%, at 1,476 points – its lowest since April 20.

The capesize index lost 90 points, or 3.8%, to a two-week low of 2,295 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $744 to $19,033.

Dalian iron ore futures rallied to hit an over three-week high, supported by the Chinese central bank’s promise to provide money-market liquidity, before giving up some of the gains after weaker-than-expected economic data.

The panamax index was down 52 points, or 3.8%, at an 11-week low of 1,314 points, logging its 15th consecutive daily fall.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slide $463 to $11,828.

Among smaller vessels, the supramax index fell seven points to 1,091 points.

Turkey, Ukraine, Russia and the UN have been holding talks seeking to extend a deal allowing safe export of Ukrainian grain via the Black Sea. The current deal is expiring on May 18.
Source: Reuters

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