Baltic Index Dips Again On Lower Vessel Rates

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The Baltic Exchange’s main sea freight index fell for the second consecutive session on Monday due to weaker rates for all vessel segments, says an article published in Yahoo Finance.

Index

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 19 points, or 0.6 %, at 3,085 points.

* The capesize index lost 18 points, nearly 0.5%, at 3,929 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $152 to $32,581.

* Meanwhile, Chinese iron ore futures rose on Monday, supported by supply concerns and shrinking portside inventories of the steelmaking ingredient, while the easing of some COVID-19 curbs in the world’s top steel producer also lifted trader sentiment.

* The panamax index was down 42 points, or about 1.3%, at 3,241 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $377 to $29,168.

* India’s wheat export ban has trapped some 1.8 million tonnes of grain at ports, leaving traders facing heavy losses from the prospect of selling in a weaker domestic market, four dealers told Reuters.

* The supramax index fell four points to 2,748 points.

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Source: Yahoo Finance

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