Baltic Index Dips As Larger Vessels Take A Step Back

Credit: Hellas Posts /Eagle Bulk

The Baltic Exchange’s main sea freight index on Tuesday fell to its lowest level in nearly four weeks, pressured by a dip in the larger capesize and panamax vessel segments.

Panamax Segment Hits Four-Month Low

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 24 points, or 2.3%, to 1,044 – its lowest level since June 8.

Supramax Index Remains Stable 

The capesize index dipped 50 points, or 3%, to 1,601, declining for the seventh straight session. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $413 to $13,279.

Meanwhile, steel futures prices extended gains, underpinned by production restrictions in China’s top steelmaking hub Tangshan.

Four-month trough

The panamax index shed 26 points, or 2.6%, to a more than four-month trough at 988. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $239 to $8,891.

Among smaller vessels, the supramax index was unchanged at 747.

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Source: MarineLink