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Freight

Baltic index marks worst day in 2 months as capesize rates dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday to mark its worst day in over two months, hurt by falling capesize rates.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 95 points, or 5.5%, at 1,637 points, its biggest percentage fall since July 23.

The capesize index lost 264 points, or 8.6%, at 2,810 points, registering its worst day since July 22.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $2,192 to $23,305.

Iron ore futures slumped to two-week lows on Wednesday as the outlook brightened for supply of the steelmaking raw material to China, the world’s top steel producer.

The panamax index was down 23 points, or 1.6%, at 1,413 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $214 to $12,713.

Among smaller vessels, the supramax index fell two points to 980 points, while the handysize index rose one point to 599 points.
Source: Reuters (Reporting by Diptendu Lahiri in Bengaluru; Editing by Ramakrishnan M.)

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