Capesize drop snaps Baltic Index’s 4-session winning run
The Baltic Exchange’s main sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, snapped its four-session winning streak on Thursday, as rates for capesize vessel segment slipped.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down four points, or 0.2%, at 1,992, a day after surging to its highest in 10 weeks.
The capesize index (.BACI) lost 47 points, or about 1.8%, at 2,506.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel making ingredient iron ore used in construction, fell $389 to $20,786.
“A declining Pacific market set the negative tone for the Capes(capesize)index against a healthier Atlantic activity for both transatlantic and fronthaul trips,” wrote Intermodal in a weekly market report dated Oct. 5.
The panamax index (.BPNI) was up 27 points, or about 1.2%, at 2,232, its highest since July 7.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $237 to $20,084.
The supramax index (.BSIS) rose 14 points to 1,690.
“The Atlantic market is improving, while the Pacific is easing off considering Golden week holidays in Asian countries,” shipbroker Fearnleys said on its website, referring to the supramax segment.
The Mediterranean market shows good resistance due to grain exports increasing from Ukraine and Russia, Fearnleys added.