Baltic Index Slips On Falling Capesize, Supramax Rates

The Baltic Exchange’s dry bulk sea freight index slipped on Tuesday, snapping a three-session winning streak on falling rates for the capesize and supramax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 62 points or 2.6% to 2,315 points.

The capesize index retreated 222 points, or 5.2%, to 4,092.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $1,841 to $33,939.

Dalian iron ore futures prices extended declines to a five-month low, pressured by weak sentiment amid subdued demand in top consumer China.

The panamax index gained 56 points, or around 3%, to 1,949 points, its highest level since Dec. 14.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, were up $497 at $17,537.

Among smaller vessels, the supramax index, lost 10 points to 1,306 points.
Source: Reuters (Reporting by Daksh Grover in Bengaluru; Editing by Ravi Prakash Kumar)