Baltic index retreats on lower rates across vessels

The Baltic Exchange’s dry bulk sea freight index tracking rates for ships carrying dry bulk commodities retreated on Wednesday on dips in rates across all vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 45 points, or 2.3%, to 1,902 points.

The index touched its highest since July 15 in the last session.

The capesize index dipped 125 points, or 3.7%, to 3,224 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, decreased $1,036 to $26,738.

The panamax index was unchanged at 1,300 points, its lowest in more than a year.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, decreased $4 to $11,699.

Prices of Dalian iron ore futures fell for the fourth consecutive session to close at their lowest in more than a year, as a slew of weak Chinese economic data weighed on sentiment in the top consumer’s steel market.

Among smaller vessels, the supramax index was down 9 points at 1,271.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore)