Baltic main index dips on falling capesize rates

The Baltic exchange’s main sea freight index eased on Monday, falling for a ninth straight session, pressured by weaker rates for capesize vessels.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, shed 10 points, or 0.4%, at 2,428.

The capesize index fell by 57 points, or 2.2%, to 2,467, the lowest since April 1.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, fell by $475 to $20,458.

Iron ore prices tumbled on Monday as China’s subdued trade data for May and narrowing steel profit margins dampened the market’s enthusiasm about demand prospects for the steelmaking ingredient.

The panamax index rose 21 points, or 0.7%, to 2,954, the highest since May 14.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, went up by $188 to $26,588.

The supramax index rose by 12 points to 2,461.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Amy Caren Daniel)