Baltic Index Falls on Muted Capesize Activity
The Baltic Exchange's main sea freight index fell for the fourth straight session on Thursday, as subdued activity in the Pacific and Atlantic markets dragged the capesize index down to 7-1/2 month lows.
- The overall index, which factors in rates for capesize, panamax and supramax shipping vessels that ferry dry bulk commodities, fell to its lowest in three weeks.
- Baltic index was down 19 points, or 1.63 percent, at 1,150 points.
- The capesize index fell for the eighth-straight session, down 74 points, or 5.64 percent, to 1,238 points. That's the lowest level for the index since July 31.
- The capesize market is slow with "less activity in the Pacific and a continuously inactive Atlantic market," Fearnleys said in a weekly report on Wednesday.
- Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $592 to $9,869.
- The panamax index slipped 4 points, or 0.25 percent, to 1,619 points.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $32 at $12,995.
- The supramax index rose 16 points to 1,077 points.
Reporting by Swati Verma in Bengaluru