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Baltic index logs worst day in a week as capesize rates fall

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, recorded its biggest daily fall in a week on Wednesday, hurt by lower rates in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 29 points, or 1.9%, at 1,487 points, snapped its three-session gaining streak.

The capesize index lost 108 points, or 4.6%, at 2,263 points, snapped its five-session winning streak.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $892 to $18,771.

Most ferrous metals and material futures rose on Wednesday, in tandem with Chinese equities, after Beijing signalled that authorities were ramping up efforts to support sagging markets.

The panamax index was up 17 points, or 1.2%, to 1,445 points.

Average daily earning for panamax vessels, which usually carries about 60,000 tons to 70,000 tons of coal or grain cargo, was up by $155 at $13,006.

War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen’s Houthis, sources said.

Among smaller vessels, the supramax index gained 6 points at 1,047 points.
Source: Reuters 

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