Baltic index slips for third day as weaker demand for larger vessels weigh
The Baltic Exchange’s main sea freight index fell for the third straight session on Tuesday, pressured by easing rates for capesize and panamax vessels.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels was down by 71 points, or 2.2% at 3,119, its lowest level in a week.
The capesize index declined 170 points, or 4.3% to 3,783, its lowest since June 15.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $1,409 to $31,376.
Benchmark iron ore futures in China fell on Tuesday trimming their gains so far in 2021 to 31% from more than 50% earlier, as Beijing’s plans to step up inspection into commodity prices dented sentiment.
The panamax index was down 73 points, or 2.1% at 3,432.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, declined $655 to $30,889.
The supramax index was up 15 points at 2,840.
Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi Aich)