Baltic index down for fifth day on lower vessel rates

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The Baltic Exchange’s main sea freight index fell for the fifth straight session on Monday, as demand across vessel segments remained weak.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 23 points, or about 3%, at 740 — its lowest in over two-and-a-half years.

The capesize index (.BACI) lost 52 points, or about 6.6%, hitting a fresh four-month low of 735.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $435 at $6,094.

The panamax index (.BPNI) was down 12 points at 1,048.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $116 to $9,428.

Among smaller vessels, the supramax index (.BSIS) fell 7 points to 645, also an over two-and-a-half-year low.

Source: Reuters

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