Baltic index drops to more than three — month low as larger vessel rates decline
Oct 15 (Reuters) — The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to its lowest level in more than three months on Thursday, weighed down by lower rates for larger vessels. The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell 122 points, or 4.57%, to 2,545 points, its lowest level since June 30 and its ninth consecutive session of losses. The capesize index fell 308 points, or 8.48%, to 3,322 points, its lowest level since early April. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, fell $2,792 to $26,625. Iron ore prices slipped for a third straight session on Thursday to their lowest level in more than two years, weighed down by persistent concerns over weak demand in top consumer China and prospects of growing supply of the key steelmaking ingredient. IRONORE/ The panamax index lost 53 points, or 2.20%, to reach 2,356 points. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell $480 to $21,200. Among smaller vessels, the supramax index edged up 11 point
Oct 15 (Reuters) — The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to its lowest level in more than three months on Thursday, weighed down by lower rates for larger vessels. The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, fell 122 points, or 4.57%, to 2,545 points, its lowest level since June 30 and its ninth consecutive session of losses. The capesize index fell 308 points, or 8.48%, to 3,322 points, its lowest level since early April.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes including iron ore and coal, fell $2,792 to $26,625. Iron ore prices slipped for a third straight session on Thursday to their lowest level in more than two years, weighed down by persistent concerns over weak demand in top consumer China and prospects of growing supply of the key steelmaking ingredient. IRONORE/ The panamax index lost 53 points, or 2.20%, to reach 2,356 points. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, fell $480 to $21,200.
Among smaller vessels, the supramax index edged up 11 points, or 0.60%, to 1,856 points. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Vijay Kishore) ((anushree.ashishMukherjee@thomsonreuters.com;)