Weaker Panamax Rates Weigh on Baltic Index

The Baltic Exchange's main sea freight index fell slightly on Monday, as sliding panamax rates offset gains in capesize earnings.

 

The Baltic index, which tracks rates for ships carrying dry bulk commodities, was down for the sixth straight session.

 

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 2 points, or 0.21 percent, at 954 points - its lowest since early March.

 

The panamax index slipped for the eight straight session, down 16 points, or 1.84 percent, to 854 points.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $128 to $6,872, fell to its lowest since early January.

 

The capesize index, however, gained 36 points, or 2.16 percent, to 1,704 points.

 

"Capesize dry bulkers have carried some positive momentum into the start of the week as fresh activity in the Pacific markets continues to firm global earnings," Clarksons Platou Securities analysts said in a note.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $219 at $12,458.

 

Among smaller vessels, the supramax index was down 6 points at 753 points, and the handysize index also fell 6 points to 496 points.


(Reporting by Swati Verma in Bengaluru; Editing by Arun Koyyur)