Baltic Index hits near three-week low as larger vessel rates fall

LONDON : The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, extended losses to a near three-week low on Tuesday, pressured by lower rates for capesize and panamax vessels.

* The main index BDI, which tracks rates for capesize, panamax and supramax shipping vessels, fell 49 points, or 2.49%, to 1,921 points, its lowest since July 16. The contract was down for a second straight session.

* The capesize index (.BACI) was down 152 points, or 4.8%, at 3,006, a two-week low.

* Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, slid $1,258 to $24,929.

* Iron ore futures climbed to a near one-week high, aided by resilient near-term demand in top consumer China.

* The panamax index (.BPNI) lost 8 points, or 0.5%, to 1,625, a near four-week low.

* Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, were down $71 at $14,625.

* Among smaller vessels, the supramax index (.BSIS) added 9 points, or 0.7%, at 1,279, its highest level since July 29.

Source: Reuters