Baltic Index falls on Lower Capesize, Panamax Rates

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which monitors rates for vessels moving dry bulk commodities, edged lower on Thursday, hurt by falling rates across the capesize and panamax segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, eased 2 points to 1,635 points.

The capesize index was down 3 points at 2,670 points, its lowest level since March 12.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, slid $31 to $22,139.

Iron ore futures fell for a fourth straight session on Thursday, dragged down by persistent worries over demand for the key steelmaking ingredient from top consumer China as the global trade war escalates.

The panamax index shed 20 points to 1,357, a one-week low.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell $179 to $12,217.

Among smaller vessels, the supramax index climbed 11 points to 1,010 points, a more than four-month high.

Source: Reuters