Baltic index falls on weak capesize, supramax demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 11 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, snapped a four-session winning streak on Tuesday, pressured by lower rates for capesize and supramax vessel segments.


* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 53 points, or 3.4%, at 1,507 — its biggest dip in two weeks.
* The capesize index fell 130 points, or 6.4%, to 1,911.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $1,079 to $15,849.
* Iron ore futures wobbled, initially extending losses on concerns about weak steel demand in China, before reversing direction as a tropical storm headed towards Port Hedland in top supplier Australia.
* Among smaller vessels, the supramax index lost 30 points, or 2.6%, at 1,131.
* The panamax index added 1 point at 1,852, its highest level since Oct. 27
* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $8 to $16,669. (Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar)

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