Baltic index falls to over 1-month low as rates dip across vessels

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The Baltic Exchange’s main sea freight index fell to its lowest in more than a month on Monday, as rates slipped across vessel segments.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 13 points, or nearly 1%, to 1,349.

The capesize index dropped by 18 points, or 0.9%, to 1,942.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, fell $150 to $16,102.

China’s iron ore imports in August fell 10.9% from a month earlier, as big miners cut back on shipments amid port congestion.

The world’s top iron ore consumer brought in 100.36 million tonnes of iron ore last month, the data from the General Administration of Customs showed.

The panamax index was down 24 points, or 1.6%, at 1,449.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $220 to $13,040.

The supramax index shed 4 points to 949.
Source: Reuters

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