Baltic Index Slips As Capesize Rates Weigh
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, was down on Monday As weaker rates for the larger capesize segment offset gains in panamax and supramax vessels.
The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 45 points, or 2.5%, to 1,765, its lowest level since Jan. 18.
The capesize index dropped 153 points, or 5.2%, to 2,817, its lowest in over two weeks.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,265 to $23,366.
The most actively traded iron ore futures on the Dalian Commodity Exchange closed 0.8% lower to 1,047 yuan ($161.65) per tonne.
The panamax index rose 6 points, or 0.4%, to 1,665, marking an over five-month peak.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $54 at $14,988.
The supramax index gained 10 points to 1,152, its highest level since late-October 2019.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Maju Samuel)