Baltic Index Falls on Lower Capesize Demand
The Baltic Exchange's main sea freight index dipped on Friday, moving near a six-month low hit earlier this month, as capesize vessel activity experienced a slowdown due to the Lunar New Year holiday in Asia.
- The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down five points, or 0.46 percent, at 1,084 points.
- On Feb. 5, the index touched its lowest since August at 1,082 points.
- "Rather limited activity across the segments to close the week with Chinese Lunar New Year today," said analysts at shipbroker Clarksons Platou Securities.
- "Capesize dry bulkers are also seeing lingering pressure with global earnings drifting to around $12,400 a day."
- The capesize index fell 55 points, or 3.31 percent, to 1,608 points.
- Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $432 to $12,396.
- The panamax index was up 22 points, or 1.76 percent, at 1,273 points.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $173 to $10,216.
- Among smaller vessels, the supramax index rose five points to 837 points, while the handysize index was flat at 515 points.
Reporting by Vijaykumar Vedala in Bengaluru