Baltic index nears three-year low on lower capesize, panamax demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 16 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, fell to a near three-year low on Thursday on waning demand for capesize and panamax vessel segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 11 points, or 2%, at 530, its lowest since June 1, 2020.
* The capesize index fell for the third consecutive day, down 42 points, or 13.3%, at 275 — its lowest since early June 2020.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $350 to $2,280.
* Meanwhile, at least one ship carrying Australian coal that was destined for China has been diverted due to uncertainty around Chinese customs policies following the easing of a ban on imports from Australia, according to traders and shiptracking data.
* The panamax index fell 12 points, or about 1.5%, to 818.
* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $115 at $7,358.
* "Market continuing to be depressed with little signs of recovery at the moment," shipbroker Fearnleys wrote in a weekly report, referring to the panamax segment.
* The supramax index rose 20 points, or about 3.1%, to 660. (Reporting by Harshit Verma in Bengaluru; Editing by Shilpi Majumdar)

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