Baltic index declines as capesize rates fall

LONDON : The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, edged lower on Monday as rates for capesize vessels declined.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 4 points, or 0.2%, to 1,993.

The capesize index fell 33 points, or 1%, to 3,263.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $280 at $27,058.

Iron ore futures prices rose on Monday, underpinned by growing bets that top consumer China will unveil more stimulus in its third plenum this week after a batch of economic data disappointed investors.

The panamax index jumped 24 points, or about 1.4%, to 1,702, hitting its highest level in nearly 3 weeks.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, increased $214 to $15,320.

Among smaller vessels, the supramax index climbed 4 points, or 0.3%, to 1,368, marking its highest level since July 1.

A merchant vessel in the Red Sea reported three missiles had exploded nearby on Monday, after the ship earlier came under attack by three small craft, Britain’s maritime agency and security firm Ambrey said.