17-05-2017

Weaker demand across vessel segments weigh on Baltic index

Baltic

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand across all vessel segments decreased.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, slid 14 points, or 1.41 percent, to 980 points.

The capesize index was down 29 points, or 1.8 percent, at 1,632 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $271 to $12,114.

Capesize rates have lately been pressured by concerns over plentiful iron ore supply and slow growth in demand in top consumer China.
Iron ore shipments account for around a third of seaborne volumes on the capesizes.

The panamax index fell 22 points, or 2.3 percent, to 956 points, its lowest level since Feb. 24.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $177 to $7,693.
Among smaller vessels, the supramax index fell 4 points to 778 points, while the handysize index was down 1 point at 507 points.

Source: Reuters 

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