Baltic Index Down on Lower Capesize Rates
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday for a second straight session, on lower rates for capesize vessels.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 31 points, or 1.8 percent, to 1,657 points.
* The capesize index was down 100 points, or 3.1 percent, at 3,130 points. The index hit a seven-month high of 3,335 points on Tuesday.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $883 to $23,827.
* Capesize demand has been strong, but with mixed signals, ship broker Fearnleys said in a weekly report on Wednesday.
* Positive Brazilian iron ore export prospects is fueling positive expectations, it added.
* The panamax index rose nine points to 1,538 points, its highest since March 2018.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $61 to $12,307.
"After the rather sudden rise in transatlantic rates last week due to a tight tonnage supply of early cargoes, the Atlantic market has continued to rise this week, although at a slower pace," Fearnleys said.
* The supramax index rose eight points to 1,016 points.
Reporting by Nallur Sethuraman in Bengaluru
