Baltic index slips for third day on weak capesize rates

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The Baltic Exchange’s dry bulk sea freight index fell for a third straight session on Tuesday as a decline in capesize rates outweighed gains in panamax and supramax segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell by 110 points or 2%, to 5,378.

The capesize index fell 385 points, or 3.9%, to 9,590, but held close to its highest since 2008.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $3,187 to $79,535.

Iron ore futures fell on Tuesday, with the Singapore benchmark retreating more than 7% after a four-day rally and Dalian contracts erasing early gains, as investor focus shifted back to steel production controls in China.

The panamax index rose 29 points, or 0.7% to 3,906, its second straight session of gains.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased $257 to $35,150.

The supramax index rose 30 points to 3,461, its highest in 6 weeks.

Source: Reuters

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