Baltic index slips as larger vessel rates dip
The Baltic Exchange’s main sea freight index fell on Wednesday, pressured by a dip in the capesize and panamax segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, lost 135 points, or 5.4%, to 2,349.
The capesize index dipped 367 points, or 13.5%, to 2,343.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased by $3,047 to $19,430.
Meanwhile, Dalian iron ore futures tumbled to their lowest in 16 weeks, while a sell-off resumed in Singapore, as worries grew about an oversupply of steel in China, the world’s biggest producer of the manufacturing and construction material.
The panamax index dropped 54 points, or 1.9%, to 2,797 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, decreased by $486 to $25,170.
The supramax index edged up 4 points to 2,475.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Devika Syamnath)