Capesize Dip Drags Baltic Dry Index Lower

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged down on Tuesday pressured by a dip in rates for the larger capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 6 points, or about 0.3%, to 1,807.

Even after an improvement in both basins (Atlantic and Pacific) last week for the capesize segment, "there is still a sense of lack in direction appearing in the overall market for the time being", Allied Shipbroking said in a weekly note.

The capesize index fell for a second consecutive day by 35 points, or 1.6%, to 2,160.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and iron ore, were down $291 at $17,916.

The panamax index rose for the first time in 5 sessions, adding 6 points to 1,998.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $55 to $17,982.

In Russia, the world's largest wheat exporter, farmers are among the people being drafted into the military, President Vladimir Putin told a meeting with officials, signaling potential further risks for the 2023 crop.

The supramax index rose by 14 points to 1,671. It rose for the 10th consecutive session with upward support coming from "the Atlantic (higher demand from the US Gulf) and Asian markets", Allied Shipbroking said.

(Reuters - Reporting by Harshit Verma; Editing by Vinay Dwivedi)