Baltic index slips to one-month low as capesize rates weaken
The Baltic Exchange’s dry bulk sea freight index slipped to its lowest in almost a month on Thursday, as rates for the capesize vessel segment fell.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 98 points, or 2.1%, to 4,653.
The capesize index fell 357 points, or 4.9%, to 6,918, its lowest in a month.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell by $2,959 to $57,374.
Chinese stainless steel futures snapped a three-session losing streak on Thursday, buoyed by a surge in prices of steelmaking ingredient nickel, although analysts warn that downstream consumption of the metal remains sluggish.
The panamax index added 68 points, or 1.6%, to 4,304, its highest in over 11 years.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $609 to $38,737.
The supramax index added 6 points to reach a record high of 3,624, according to Refinitiv Eikon data going back until 2017.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Vinay Dwivedi)