Baltic Freight Index Drops With Fall In Capesize, Panamax Rates

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The Baltic exchange’s main sea freight index fell for a fourth consecutive session on Monday, dragged lower by a dip in rates for capesize and panamax vessel segments, reports Yahoo Finance.

The rates

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 83 points, or 2.8%, to 2,856, the lowest level since April 26.

* The capesize index dropped 222 points, or 5.3%, to 3,943, its lowest since April 20 this year.

* ​Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased by $1,840 to $32,702.

* Chinese construction rebar and hot rolled coils’ futures declined on Monday, down for a third consecutive session after steel prices surged to historical highs last week.

* The panamax index fell 52 points, or 1.8%, to 2,909.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, declined by $473 to $26,179.

* The supramax index was up 13 points at 2,310. (Reporting by Seher Dareen in Bengaluru; Editing by Vinay Dwivedi)

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Source: Yahoo

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