Baltic index slips for fourth straight day as capesize rates dip

LONDON : The Baltic Exchange’s main Sea Freight index, which tracks rates for ships ferrying dry bulk commodities, was down on Wednesday for the fourth straight session, tracking a fall in rates for the large capesize shipping vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 5 points, or 0.3%, to 1,864, hitting its lowest level since June 12.

The capesize index fell 51 points, or 1.8%, to 2,803, its lowest level in six weeks.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $419 at $23,246.

Dalian iron ore futures prices fell for the fourth consecutive session, weighed down by a weakening steel market and lingering concerns about demand in top consumer China.

The panamax index was up 37 points, or 2.1%, to 1,765, marking its highest level in a month.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, increased $336 to $15,885.

Among smaller vessels, the supramax index gained 5 points, or 0.4%, to 1,385.