04-10-2017

Baltic index falls as China holiday hits vessel activity

The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, fell 1.5 percent on Tuesday, hurt by limited vessel activity due to an ongoing holiday in major consumer China.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 20 points, or 1.51 percent, at 1,308 points.

The index slipped for the sixth straight session after marking a three-and-half year high on Sept. 25.

Markets in China have been shut since the beginning of this month on account of the National Day holiday and the Mid-Autumn Festival. They will resume trade on Oct. 9.

The capesize index slipped 53 points, or 1.98 percent, to 2,618 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $316 to $17,929.

The panamax index slipped 21 points, or 1.66 percent, to 1,247 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $172 to $10,022.

Among smaller vessels, the supramax index fell 22 points to 984 points, and the handysize index fell two points to 612 points.

Source: Reuters

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