Baltic index extends fall on waning demand for vessels

Jan 25 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) fell for a 13th straight session on Tuesday, dragged lower by weaker rates across all vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 48 points, or 3.5%, to 1,343, its lowest since mid-February 2021.

* The capesize index (.BACI) dropped 91 points, or 10.9%, to 745, its lowest since June 2020.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, dropped by $755 to $6,180.

* Iron ore futures in China and Singapore rose on Tuesday after miner Fortescue Metals Group (FMG.AX) raised concerns over a labour shortage in Australia because of COVID-19 curbs, which could hamper output and shipments of the steelmaking ingredient.

* The panamax index (.BPNI) eased 25 points to 1,988, its lowest since April.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $229 to $17,890.

* The supramax index (.BSIS) dipped 35 points to its lowest level since end-February 2021 at 1,693.

Reporting by Brijesh Patel in Bengaluru

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