Baltic index hits more than two-week low as larger vessel rates dip

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to its lowest level in more than two weeks on Monday as rates declined across the larger vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 8 points to 1,529 points, its lowest level since Nov. 8.

The capesize index lost 13 points to 2,613 points, marking its lowest level in two weeks.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $105 to $21,673.

Iron ore futures strengthened on Monday, buoyed by stronger global steel production, although mounting trade tensions surrounding top consumer China capped gains.

The panamax index lost 15 points to 1,068 points, hitting a more than one-year low.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $133 to $9,614.

Among smaller vessels, the supramax index was unchanged at 984 points.