Baltic index down for third day on lower demand for large vessels

Feb 28 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) fell for a third straight session on Monday on weaker rates for capesize and panamax vessels.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, slipped 36 points to 2,040.

* The capesize index (.BACI) fell 74 points to 1,617.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $612 to $13,414.

* “Traders fear EU/US sanctions against Russian energy exports will disrupt supplies and tanker availability, and are looking outside the Black Sea region for alternative crude sources,” analysts at Jefferies wrote in a note.

* Meanwhile, iron ore futures in China and Singapore climbed on Monday over concerns that a prolonged armed conflict between Russia and Ukraine could curb global supply of the key steelmaking ingredient.

* The panamax index (.BPNI) decreased 59 points to 2,599.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $533 to $23,389.

* The supramax index (.BSIS) gained 11 points to 2,428.

Reporting by Rahul Paswan in Bengaluru;
Editing by Vinay Dwivedi

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