Baltic index extends losses on weaker capesize rates

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday, pressured by lower rates in capesize vessels.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 20 points to 1,160 points, its lowest since Sep. 2023.

The capesize index fell 79 points to 1,530 points, hitting its lowest level since Sep. 14, 2023.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $655 to $12,690.

Iron ore futures prices slid on Thursday as investor sentiment dampened after state media in top consumer China emphasized qualitative improvements ahead of a long-anticipated meeting that is expected to set the tone for economic growth next year.

The panamax index rose 26 points to 1,040 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $240 to $9,364.