Baltic Index Ticks Down as Panamax Losses Outweigh Capesize Gains
The Baltic Exchange's main sea freight index edged down on Wednesday, as panamax rates hit a three-week low, offsetting a rise in capesize vessel rates.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, edged down by 2 points to 1,778.
The capesize index added 28 points, or about 1%, to 2,801 - its highest level in more than a year.
Average daily earnings for capesize vessels which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $230 to $23,226.
Benchmark Iron ore futures, listed on the Dalian Commodity Exchange and the Shanghai Futures Exchange, are closed for trading until Oct. 8 for public holidays in China.
The panamax index dropped to a three-week low, shedding 31 points or 1.9%, to 1,625.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain cargo, decreased $278 to $14,627.
Among smaller vessels, the supramax index ticked down by 6 points to 1,244.
Ukraine's navy said on Wednesday that 12 more cargo vessels were ready to enter a fledgling Black Sea shipping corridor on their way to Ukrainian ports, as Kyiv steps up its push to defy a de facto Russian blockade on its vital sea exports.
(Reuters - Reporting by Daksh Grover in Bengaluru; Editing by Tasim Zahid)