Baltic index falls to over 9-month low as rates decline across all vessels

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped to its lowest in more than nine months pressured by losses across all vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 28 points to 1,382 points, its lowest since Jan. 18.

The capesize index fell 70 points to 1,786 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $584 to $14,811.

Dalian iron ore futures climbed to their highest in more than a week, as renewed expectations of further stimulus from China overshadowed concerns about the top consumer’s faltering economic recovery and steel demand.

The panamax index eased 11 points to 1,190 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $102 to $10,711.

Among smaller vessels, the supramax index lost 6 points to 1,234 points.
Source: Reuters (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Vijay Kishore)