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Baltic Index Inches Lower on Weaker Panamax Rates

© papa1266 / Adobe Stock

by Shreyansi Singh

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, inched lower on Thursday, as lower panamax rates offset a rise in capesize rates.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down 1 point, or 0.1%, at 1,364 points.

* The capesize index rose 58 points, or 2.3%, to 2,623 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $292 to $20,961.

* The panamax index fell 33 points, or 2.8%, to 1,137 points, its lowest in more than four months.

* "The demand-side was slow with few firm cargoes entering the market, and the market has been in the red in both hemispheres throughout the week," ship broker Fearnleys said in a weekly report on Wednesday.

* "Activity in the Black Sea has also dampened significantly."

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $268 to $9,126.

* The supramax index fell 13 points to 745.

(Reporting by Shreyansi Singh in Bengaluru; Editing by Krishna Eluri)


Nov 14, 2019

 

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