Baltic index ends 10-day winning streak as rates for larger vessels slip

Dec 9 (Reuters) – The Baltic Exchange’s dry bulk sea freight index ended a 10-session winning streak on Thursday, as rates of the larger segments, capesize and panamax, vessel fell.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, shed 80 points, or 2.3%, to 3,343.

* The capesize index (.BACI) dropped 200 points, or 3.9%, to 4,989, slipping from a more than one-month peak scaled in the previous session.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,651 to $41,379.

* Dry bulk market is unlikely to bounce back to the levels seen in October with uncertainty in Chinese iron ore demand and a likely short-lived surge in coal demand, Charles Chasty, analyst at shipbroker Affinity Shipping told the Reuters Global Markets Forum.

* Benchmark iron ore futures in Asia pulled back from six-week peaks hit during a relief rally earlier this week that was mainly driven by China’s policy support, particularly for its debt-saddled property developers.

* The panamax index (.BPNI) fell 76 points, or 2.4%, to 3,145, its lowest level in nearly a week.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $686 to $28,306.

* However, the supramax index (.BSIS) gained 21 points to 2,541, its highest level since Nov. 4.

Reporting by Kavya Guduru in Bengaluru;
Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.