Baltic Dry Bulk Index dips to over 2-week low as capesize rates retreat

LONDON : The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to a more than two-week low on Monday, dragged by a decline in capesize vessel rates.

The main index, which monitors rates for capesize, panamax and supramax shipping vessels, was down 15 points, or 0.9%, at 1,674, its lowest level since June 6.

The capesize index (.BACI) lost 61 points, or about 2.1%, to 2,818, its lowest level since June 4.

Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $512 to $23,367.

Dalian iron ore futures touched their highest levels in more than a week on Monday, supported by improving short-term demand prospects for the steelmaking ingredient in top consumer China.

The panamax index (.BPNI) rose 12 points, or 0.9%, to 1,362.

Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, increased $103 to $12,254.

Among smaller vessels, the supramax index (.BSIS) gained 6 points to 979.

Source: Reuters