Baltic index registers sixth successive drop on softer capesize rates
The Baltic Exchange’s main sea freight index ticked lower for a sixth straight session on Thursday, hurt by weaker demand for capesize vessels.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down 5 points, or 0.4%, at 1,255 points.
The capesize index fell 34 points, or 1.4%, to 2,401 points, it’s lowest since June 18.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, shed $256 to $18,350.
Capesize rates have softened as Brazil iron ore exports have again failed to live up to expectations and Atlantic coal remains in limbo, ship broker Fearnleys said in a note on Wednesday.
The panamax index inched up 2 points to 1,129 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, edged $15 higher to $9,066.
The supramax index rose 13 points to 731.
Source: Reuters (Reporting by Nakul Iyer in Bengaluru)