Baltic Index Down as Capesize Rates Dip
The Baltic Exchange's main sea freight index fell for a fourth straight session on Thursday as demand for capesize vessels remained muted amid a week-long break in China.
- The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down six points, or 0.55 percent, at 1,089 points.
- The capesize index shed 58 points, or 3.37 percent, to 1,663 points.
- Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $485 to $12,828.
- "A calm has set over the capesize dry bulk market, with sentiment softening into the holiday period," said analysts at shipbroker Clarksons Platou Securities.
- Average earnings have slipped worldwide as limited activity continues to pressure rates lower, they added.
- The week-long Lunar New Year holiday in China began on Thursday.
- The panamax index was up 20 points, or 1.62 percent, at 1,251 points.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $158 to $10,043.
- Among smaller vessels, the supramax index rose nine points to 832 points, while the handysize index fell one point to 515 points.
Reporting by Vijaykumar Vedala in Bengaluru