Baltic index down for 4th day as larger vessel rates dip

LONDON : The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth consecutive session on Thursday, pressured by lower rates for the larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 31 points, or 1.8%, to 1,743 points.

The capesize index shed 115 points, or 4.9%, to 2,230, marking it lowest level since April 10.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $950 to $18,495.

The panamax index was down by 14 points to 1,896 points.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, lost $122 to $17,065.

“This week in the panamax market reflects a generally stable yet subdued tone with several regional nuances. The market closely mirrors typical seasonal patterns, anticipating a downturn in the coming month,” shipbroker Fearnleys wrote in a weekly note on Wednesday.

Among smaller vessels, the supramax index was up by 32 points, or 2.2%, to 1,488 points. The index was up for the 13-straight sessions..