Baltic Index Hits Near Three-Week Low On Weaker Capesize, Supramax Rates

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which monitors rates for vessels moving dry bulk commodities, fell to its lowest level in nearly three weeks on Monday, weighed by weaker capesize and supramax rates.

The main index, which tracks rates for capesize, panamax, and supramax shipping vessels, eased 4 points to 1,598, its lowest since March 12.

The capesize index was down 7 points at 2,465, its lowest since March 7.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $61 to $20,442.

Iron ore futures dipped on Monday, weighed by concerns over demand prospects in top consumer China after steelmakers cut production, reducing the ore’s demand.

The panamax index added 4 points to 1,501.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, gained $37 to $13,511.

Among smaller vessels, the supramax index dropped 7 points to 988.

Source: Reuters