Baltic index slips to 3-month low as vessel rates retreat

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The Baltic Exchange’s dry bulk sea freight index declined to its lowest in nearly three months on Monday, as rates across its vessel segments weakened.

The overall index, which factors in rates for capesize, panamax and supramax vessels, fell by 91 points, or 2.6%, to 3,428, the lowest level since August 11.

The capesize index fell 147 points, or 3.4%, to 4,202, its weakest since end-July.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $1,220 to $34,845.

Prices of steelmaking ingredients on the Dalian Commodity Exchange slipped on Monday due to sluggish demand at mills stemming from locally mandated output cuts, while Beijing’s coal price controls also weighed on sentiment.

The panamax index fell 81 points, or 2.1%, to 3,815, touching its lowest in a month-and-a-half.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $724 to $34,337.

The supramax index fell 62 points to 3,042, its lowest since August 10.

Source: Reuters

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