Baltic Index Steady as Capesize Bounce Offsets Dip in Smaller Vessels
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, was flat on Thursday as higher rates for capesizes countered a dip in smaller vessel segments.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, remained unchanged at 1,463.
The capesize index gained 66 points, or 3.6%, at 1,888 — its biggest rise in a week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $551 to $15,657.
"South Atlantic is looking very healthy, and we do expect better levels in the week to come," shipbroker Fearnleys said in a weekly note, referring to the capesize segment.
The panamax index fell 65 points, or 3.6%, to 1,747, posting its worst day since Feb. 7.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $588 to $15,724.
Among smaller vessels, the supramax index lost 13 points at 1,105.
Iron ore futures slumped as pessimism over steel demand in China prevailed, even as traders monitored a strong cyclone that could disrupt shipments of the steelmaking ingredient from top supplier Australia.
(Reuters - Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar)