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Baltic index down for seventh day on weak vessel demand

The Baltic Exchange’s dry bulk sea freight index fell for a seventh straight session on Monday as rates declined across all its vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, slipped 33 points, or 1.9%, to 1,731 for its lowest since early last March.

The capesize index fell 26 points, or 1.7%, to 1,470, its lowest since late February.

Average daily earnings for capesize vessels, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $217 to $12,190.

Benchmark Dalian and Singapore iron ore futures fell on Monday, dragged down by improving near-term supply of the steelmaking ingredient and signs of continuing economic weakness in top steel producer China.

The panamax index dipped 49 points, or 2.1%, to 2,326.

Average daily earnings for panamax vessels, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $441 to $20,935.

The supramax index fell 33 points to its lowest level since April at 1,864.

Source: Reuters

 

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