Capesize Rates Slide, Dragging Baltic Index Down
The Baltic Exchange's main sea freight index dipped to its lowest since mid-February on Monday as rates for the larger capesize segment fell for the eighth straight session.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 24 points, or 1.4%, to 1,651.
The capesize index, was down 31 points, or 2.2%, at 1,408, a two-week low.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dropped $255 to $11,679
Chinese coking coal futures slumped more than 6% on Monday to their lowest in three months as stable output and imports eased supply worries, while demand for the ingredient appeared promising on strong steel production.
The panamax index fell 54 points, or 2.5% to 2,086.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, lost $481 to $18,775.
The supramax index edged up one point to 1,879, its highest level, as per Refinitiv Eikon records going back to April 2017.
(Reporting by Bharat Govind Gautam; Editing by Ramakrishnan M.)