Baltic Index Hampered By Weak Capesize Rates

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The Baltic Exchange’s main sea freight index slipped on Wednesday, as losses in the Capesize segment countered strength in the Panamax and supramax segments.

* The overall index, which factors in rates for Capesize, Panamax and supramax shipping vessels, was down 32 points, or 1.5%, at 2,113 points.

* The Capesize index fell for the second straight session, losing 180 points, or 6.2%, at 2,719 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,491 at $22,552.

* Coking coal prices in China tumbled to a seven-month low, weighed down by prospects of higher supply and sustained weakness in demand for the steelmaking raw material, while fresh hopes of economic stimulus supported iron ore.

* The Panamax index was up 83 points, or 4.4%, at a one-week high of 1,972 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $745 to $17,746.

* Turkish President Tayyip Erdogan said he wants a possible deal on resuming Ukrainian grain exports from the Black Sea to be put in writing this week after a general agreement was reached last week.

* Meanwhile, Russian President Vladimir Putin said that Russia was ready to facilitate the exports but also wanted the remaining curbs on Russian grain exports to be removed.

* The supramax index rose by 18 points to 2,057 points, its highest since July 13. (Reporting by Deep Vakil in Bengaluru; Editing by Shailesh Kuber)

 

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