22-06-2017

Baltic index inches lower on falling capesize rates

capesize

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged lower on Wednesday, as capesize vessel rates continue to fall.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 3 points, or 0.35 percent, at 844 points.

The capesize index lost 90 points, or 8.11 percent, to 1,020 points.

“Capesize earnings are under pressure yet again with rates dipping to $7,700/day as the market remains relatively quiet in the Pacific,” Clarksons Platou Securities analysts said in a note.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $669 to $7,685.

The panamax index was up 53 points, or 5.21 percent, at 1,070 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $419 to $8,570.

Among smaller vessels, the supramax index rose 7 points to 724 points, while the handysize index rose 4 points to 445 points.

Source: Reuters

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