Baltic Index slips on lower capesize, panamax rates

LONDON : The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, fell on Monday, pressured by lower rates for capesize and panamax vessels.

• The main index BBDI, which tracks rates for capesize, panamax and supramax shipping vessels, fell 13 points, or 0.6%, to 2,038 points. The index snapped a three-session winning streak.
• The capesize index (.BACI) was down 25 points, or 0.8%, at 3,317, snapping a three-day winning run.
• Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, fell $210 to $27,506.
• Iron ore futures rose, supported by strong restocking demand from steel mills in China amid healthy profit margins and low inventories, although expectations of production cuts in northern China capped the gains.
• Among smaller vessels, the supramax index (.BSIS) added 5 points, or 0.4%, to 1,325. The index registered its seventh straight session of gains.
• The panamax index (.BPNI) fell to a one-month low and was down 21 points, or 1.3%, at 1,614. The index fell to its lowest level since July 8.
• Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, fell $183 to $14,529.

Elsewhere, a liquefied natural gas (LNG) tanker targeted by U.S. sanctions has berthed at Russia’s Arctic LNG 2 plant, the fourth such vessel to do so this year, shiptracking data from Kpler and LSEG showed.

Source: Reuters