Lower capesize rates drag Baltic Index to over 1-month low

LONDON: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the fourth-straight session on Thursday, hitting an over one-month low, because of dip in capesize vessel rates.

* The main index BBDI, which tracks rates for capesize, panamax and supramax shipping vessels, slipped 34 points, or 1.8%, to 1,893 points, reaching its lowest level since July 15.
* The capesize index (.BACI) fell 164 points, or 5.7%, to 2,703 points, its lowest point since July 16.
* Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,360 to $22,418.
* Iron ore futures rebounded as a mandated production cut ahead of a military parade in China seemed to be less severe and shorter than expected, allaying demand concerns.
* Meanwhile, the panamax index (.BPNI) was up 54 points, or 3.2%, at 1,719.
* Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, added $484 to $15,469.
* Among smaller vessels, the supramax index (.BSIS) gained 17 points, or 1.2%, to 1,405.
Source: Reuters