Baltic index sees worst day in six weeks as vessel rates falter

Dec 14 (Reuters) – The Baltic Exchange’s dry bulk sea freight index fell for a fourth straight session on Tuesday to mark its worst day since early November, as rates slipped across all vessel segments.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, dropped 284 points, or 8.8% – biggest since Nov. 3 – to 2,932.

* The capesize index (.BACI) lost 758 points, or 16.1%, to 3,960, its lowest level since Nov. 26.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $6,289 to $32,838.

* “A slowdown may be witnessed as we are reaching the year’s end, with refreshed demand being expected for the beginning of 2022,” Allied Shipbroking said in a weekly note, in reference to capesizes.

* Chinese coking coal and coke futures rose on Tuesday, led by an over 6% jump in the metallurgical coal on supply worries fuelled by imports of the ingredient remaining at relatively low levels.

* The panamax index (.BPNI) shed 116 points, or 3.9%, to its lowest in almost two weeks at 2,879.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $1,041 to $25,911.

* The supramax index (.BSIS) fell 2 points to 2,550, snapping a 15-session winning streak.

Reporting by Kavya Guduru in Bengaluru; Editing by Shailesh Kuber

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