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Baltic index snaps 3-session winning streak on lower rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged lower on Monday to snap a three-session winning streak due to lower rates across the vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, slipped 7 points, or 0.39%, to 1,808.

The capesize index lost 4 points, or 0.14%, to 2,816.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, decreased $32 to $23,357.

Iron ore futures prices slipped to their lowest levels in more than six weeks, as signs of weakening steel demand in top consumer China broadly weighed on sentiment.

The panamax index fell for the sixth consecutive session, slipping 12 points, or about 0.71%, to 1,681, marking its lowest level since April 11.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, dipped $110 to $15,130.

Among smaller vessels, the supramax index eased 6 points, or 0.47%, to 1,272.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Ravi Prakash Kumar)

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