Baltic index slips on lower capesize, supramax rates

The Baltic Exchange’s main sea freight index fell on Wednesday, snapping a six-session winning streak, hurt by falling rates across the capesize and supramax segments. The index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 4 points to 1,630 points. The capesize index fell by 7 points to 2,746 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $64 to $22,771. Iron ore futures traded within a narrow range as investors weighed hopes of further fiscal support for China’s beleaguered property sector against weaker credit lending data from the top consumer. The panamax index .



BPNI rose 14 points to 1,208 points. Average daily earnings for panamax vessels .BPWT, which usually carry 60,000-70,000 tons of coal or grain cargo, gained by $125 to $10,871.

Among smaller vessels, the supramax index .BSIS lost 15 points to 1,036 points. Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas).