Baltic index up but gains capped by falling capesizes rates

The Baltic Exchange’s main sea freight index rose for the first time in nearly two weeks on Monday as rates of panamax segment firmed up, but gains were capped by a slide in capesize rates.

The overall index, which tracks rates for ships carrying dry bulk commodities, rose 4 points, or 0.36 percent, to 1,129 points, after falling for the previous eight consecutive sessions.

Baltic index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, on Friday fell to 1,125 points, its lowest level in over five months.

The panamax index rose 29 points, or 2.18 percent, to 1,362 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $227 to $10,920.

The capesize index fell to a five-month low, down 48 points, or 3.22 percent, to 1,445 points. It fell 35 percent last week, its biggest weekly percentage decline in two years.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $113 to $11,458.

Among smaller vessels, the supramax index rose 2 points up to 913 points, while the handysize index climbed 1 point to 585 points.

Source: Reuters

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