Baltic Index snaps seven-session winning streak

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which monitors rates for vessels moving dry bulk commodities, fell on Monday to snap a seven-session winning streak on weaker capesize rates.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 11 points at 1,658 points.

The capesize index fell 89 points to 2,768 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, fell $743 to $22,954.

Iron ore futures slumped on Monday, as a series of property data from top consumer China heightened concerns over the uncertain demand outlook, already clouded by the global trade war.

The panamax index hit a fresh five-month high, adding 38 points to 1,403.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $336 to $12,623, its highest since October 14.

Among smaller vessels, the supramax index rose 24 points to 954 points, a three-month peak.

Source: Reuters