Baltic Index down on Lower Capesize Rates

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which monitors rates for vessels moving dry bulk commodities, eased on Tuesday for the second straight session on lower capesize rates.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, slipped 8 points to 1,650 points.

The capesize index (.BACI) fell 54 points to 2,714 points, registering its third straight sessions of losses.

Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, fell $447 to $22,507.

Iron ore futures were range-bound on Tuesday, as investors balanced the ongoing weakness in China’s struggling property market with sustained demand for the key steelmaking ingredient.

The panamax index (.BPNI) added 2 points to 1,405, a more than 22-week high.

Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, rose $20 to $12,643, its highest since October 14.

Among smaller vessels, the supramax index (.BSIS) was up 23 points at 977 points, a more than three-month peak.
Source : Reuters