Baltic Index falls to near one-week low

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which measures shipping rates for vessels transporting dry bulk commodities, fell on Wednesday to a near one-week low due to weaker rates for capesize and panamax vessel segments.

The main index, which monitors rates for capesize, panamax and supramax shipping vessels, lost 3 points, or 0.2%, to 1,337, its lowest since May 15.

The capesize index was down 8 points, or 0.4%, at 1,855.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, lost $71 to $15,383.

Iron ore futures prices inched up amid resilient near-term demand for the steel-making ingredient, though gains were limited by subdued economic data from top consumer China.

The panamax index receded 8 points, or 0.6%, to 1,286.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, declined by $74 to $11,572.

Among smaller vessels, the supramax index was up 6 points at 988.

Source: Reuters