Baltic index falls for ninth day on lower rates across vessels

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, dipped for the ninth straight session on declines in rates across all vessels.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 7 points to 1,410 points.

The capesize index fell 3 points to 1,856 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $21 to $15,395.

Dalian iron ore futures prices climbed, ending a three-session slide and finishing higher for the week, as investors awaited further fiscal stimulus announcements from top consumer China.

The panamax index eased 15 points to 1,201 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $132 to $10,813.

Among smaller vessels, the supramax index lost 5 points to 1,240 points.