Baltic index falls 10 pct this week on easing vessel rates

The Baltic Exchange’s main sea freight index, ended the week over 10 percent lower on Friday, as rates fell across all vessel segments, pushing the index to near 6-month lows.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 19 points, or 1.71 percent, at 1,095 points, touching its lowest level since Aug. 10 last year.

The capesize index shed 58 points, or 3.8 percent, at 1,470 points. It fell about 17 percent for the week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $424 to $11,367.

The panamax index fell 19 points, or 1.38 percent, at 1,359 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $150 to $10,896.

Among smaller vessels, the supramax index was down 5 points to 872 points and the handysize index also fell 5 points to 547 points.

Changes to the Baltic Exchange’s main sea freight index has created the possibility of it becoming a tradable instrument for the first time, industry officials said on Thursday.

Source: Reuters

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