The Baltic Exchange’s main sea freight index fell on Tuesday, snapping a three-session-long winning streak, pressured by lower rates in the capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 8 points or 0.4% to 1,983.

The capesize index fell 64 points or 1.8% to 3,421 after six straight sessions of gains.

Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such as iron ore and coal, declined by $528 to $28,373.

Iron ore futures dipped to six-week lows, dragged lower by concerns about looming steel production cuts in China and uncertainty over the country’s struggling property sector.

The panamax index extended gains with 26 points or 1.6%, to 1,612.

Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain, gained $229 rising to $14,504.

“The past week prevailed rather lackluster for the panamax market overall. In the Atlantic region, things moved on an uninspiring tone, while the North displayed a more robust attitude than the South,” Allied Shipbroker wrote in a Monday note.

Among smaller vessels, the supramax index rose by 18 points or 1.5% to 1,250.

Top United Nations trade official Rebeca Grynspan met with Russian officials in Moscow on Monday for talks to enable “unimpeded access” of grain and fertilizer from Russia and Ukraine to the global markets, a U.N. spokesperson said.

Egypt’s state grains buyer, the General Authority for Supply Commodities, is believed to be holding private talks to buy Russian wheat on Tuesday, four traders told Reuters.
Source: Reuters
#theshippingtribune #latestnews #shippingnews #dailynews