Baltic index falls to 2-month low as capesize rates slide


The Baltic Exchange’s dry bulk sea freight index BDI, fell to its lowest in more than two months on Wednesday, weighed down by a dip in capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 12 points, or 0.9%, to its lowest since Sept. 13 at 1,288.

The capesize index (.BACI) lost 38 points, or about 2.8%, to 1,333.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $317 to $11,054.

Meanwhile, the Dalian benchmark iron ore prices scaled a five-week peak as traders clung to hopes that recent policy actions in top steel producer China will spur demand for the raw material.

The supramax index (.BSIS) extended its decline for an 18th straight session, losing 6 points to 1,180.

The panamax index (.BPNI) gained 7 points, or 0.4%, to 1,688.

Average daily earnings for panamax vessels (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $65 to $15,196.

Source: Reuters

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