Baltic Index Drifts Lower On Panamax Weakness
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell on Tuesday, as lower panamax vessel rates outweighed a slight gain in the larger capesize segment.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, dipped 5 points, or 0.2%, to 2,140.
The capesize index edged up 10 points, or 0.3%, to 3,142, its strongest since Jan. 13.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $79 to $26,055.
Benchmark iron ore futures in China extended gains for a third straight session, closing at the highest price in five weeks, fuelled by falling supplies from major miners and strong demand at home and abroad.
“The overall demand has improved with more fresh enquiries being witnessed across the Atlantic and the Pacific basins,” Allied Shipbroking said about the capesize segment in a weekly note.
The panamax index dropped 30 points, or 1.6%, to 1,898, an over two-month low.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, lost $269 at $17,083.
The supramax index was unchanged at 1,774 points.
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