Drop In Capsize Segment Pulls Baltic Index Down By 45 Points

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Baltic Exchange’s main sea freight index, was dragged lower by a drop in earnings of the larger capsize segment, reports YahooFinance.

Drop in earnings

Baltic Exchange’s main sea freight index , which tracks rates for ships carrying dry bulk commodities, was dragged lower by a drop in earnings of the larger capsize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 45 points, or 1.3%, to 3,338.

Capesize index

  • The capesize index slid 241 points, or 6.1%, to 3,690.
  • “Even though a correction of some degree now looks likely, we remain optimistic on market prospects for the coming months,” ship broker Fearnleys said in a weekly note.
  • Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were down $2,004 to $30,600.

Panamax index

  • The panamax index gained 118 points, or 2.9%, to 4,237.
  • Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, increased $1,061 to $38,135.
  • With congestion in European ports and a scarse tonnage list, charterers had to pay up in order to cover their requirements, Fearnleys added.

Supramax index

  • The supramax index up 9 points at 2,939.

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Source: YahooFinance