Baltic Index falls as rates decline across all vessels

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped on Monday pressured by losses across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 26 points to 2,084 points.

The capesize index dropped 40 points to 3,649 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $340 to $30,258.

The panamax index was down 32 points at 1,414 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $286 to $12,727.

Meanwhile, iron ore futures surged to a near three-month high propelled by improving demand outlook on the back of top consumer China’s latest property stimulus and a raft of monetary easing policies.

Among smaller vessels, the supramax index was down 10 points at 1,296.