Baltic index slides 9% as capesizes hit lowest since May 2020

Dec 15 (Reuters) – The Baltic Exchange’s dry bulk sea freight index declined more than 9% on Wednesday to its lowest level in three weeks, weighed down by the capesize vessel segment, which recorded its biggest daily percentage decline in over a year-and-a-half.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, shed 267 points, or 9.1%, to 2,665, its lowest since Nov. 24.

* The capesize index (.BACI) dropped 688 points, or 17.4% – the biggest decline since May-end 2020 – to 3,272.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $5,701 to $27,137.

* “Into the current week, the (dry bulk) market is moving overall on a softer note ahead of the holidays with cargo enquiry slowing down, while the seasonally slow Q1 is ahead of us,” shipbroker Intermodal said in a weekly note dated Tuesday.

* Chinese steel futures hit a one-week high, after data showed industrial output in the world’s biggest producer grew faster than expected in November, but a continued decline in steel production dragged down Dalian iron ore.

* The panamax index (.BPNI) lost 135 points, or 4.7%, to its lowest in over two weeks at 2,744.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $1,218 to $24,693.

* The supramax index (.BSIS) fell 8 points to 2,542, its lowest in almost a week.

Reporting by Kavya Guduru in Bengaluru; Editing by Shailesh Kuber

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