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Baltic index marks worst week in 6 on lower capesize, supramax demand

The Baltic exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, posted its biggest fall in six weeks, pressured by lower shipping rates for capesize and supramax segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 14 points, or 1.0%, to its lowest since March 9 at 1,389. It was down 6.7% for the week – its biggest dip since the week ended Feb. 17.

The main index was, however, up 128.4% for the month, to post its second monthly rise in a row.

The capesize index lost 11 points to 1,665. It has fallen 11.5% for the week – its second consecutive weekly fall.

The index gained 128.4% for the month.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $95 at $13,806.

Among smaller vessels, the supramax index lost 39 points, or about 3.2%, to 1,198. It was down 10.1% for the week, snapping its six-week winning streak.

It was up 8.4% points for the month.

The panamax index was up 10 points 1,635. The index rose 4% for the week and 15.1% for the month.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $96 at $14,718.

Meanwhile, Dalian iron ore futures rose and stayed on track for a second straight quarterly gain on expectations of improved steel demand in China in the second quarter, with tight supply concerns adding support.
Source: Reuters

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