29-09-2017

Weak demand drags down Baltic index for third session

The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, fell for a third straight session on Thursday as demand weakened.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 38 points, or 2.66 percent, to end at 1,391 points.

The index fell for the first time after eight sessions of gains on Tuesday, having marked its highest level since March 2014 at 1,503 points on Monday.

The capesize index ended down 118 points, or 4.01 percent, at 2,824 points on Thursday. On Monday, it hovered near a three-year high.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $877 to $19,393.

The panamax index dropped 54 points, or 3.84 percent, to 1,352 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $436 to $10,862.

Among indices, tracking rates for smaller vessels, the supramax index fell 13 points to 1,041 points, while the handysize index rose 3 points to 616 points.

Source: Reuters

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