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Baltic index flat as panamax demand offsets capesize 9-month low

Baltic-index-flat-as-panamax-demand-offsets-capesize-9month-low-4268.jpg      Baltic index flat as panamax demand offsets capesize 9-month low


The Baltic Exchange’s main sea freight index stayed flat on Thursday, as rise in demand for panamaxes offset fall in capesize rates, with the capesize index dropping to near 9-month low.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, remained steady at 768.

The capesize index dropped 94 points, or 10.7%, to 784 – its lowest since April 26.

The index has fell for a 25th straight session.

“Far East iron ore and coal volumes are fair but not sufficient to change a nervous spot sentiment,” ship broker Fearnleys said in a note on Wednesday.

“(There are) still very rough seas for the big ships,” Fearnleys added.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $210 to $8,801.

The panamax index rose 34 points, or 4.1%, to 859.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $305 to $7,727.

The supramax index remained unchanged at 559 points.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)

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