Baltic index down for sixth straight session


The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, dipped for the sixth consecutive session on Thursday on softer capesize rates.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, closed down 8 points, or 0.65 percent, at 1,215 points.

The capesize index lost 45 points, or 2.02 percent, at 2,184 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $451 to $15,698 – the lowest since March 15.

Disruption in supplies at key Australian coal mines due to Cyclone Debbie have recently weighed on the capesize shipments.

The panamax index climbed 16 points, or 1.17 percent, to 1,387 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $119 to $11,121.
Panamaxes are seeing a slight uptick in activity since China’s return into the market with some fresh inquiries in South America driving sentiment, Clarksons Platou Securities analysts said in a note.

China’s stock, bond, foreign exchange and commodity futures markets were closed on Monday and Tuesday for the Ching Ming Festival holiday.

Among smaller vessels, the supramax index and handysize index were up 2 points at 882 points and 545 points, respectively.

Source: Reuters 

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