Baltic index down for third session as larger vessel rates dip

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 18 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, fell for a third consecutive session on Tuesday, weighed down by lower rates for the larger vessel segments.


* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 44 points, or 3.1%, to 1,368.
* The capesize index fell 123 points, or 6.8%, to 1,678.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $1,023 to $13,916.
* The panamax index was down 31 points, or 1.9%, at 1,644.


* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $280 to $14,796.
* Dalian and Singapore iron ore futures climbed to one-week highs as better-than-expected economic growth in China for the March quarter boosted investor sentiment.
* Among smaller vessels, the supramax index was up 15 points at 1,113. (Reporting by Rahul Paswan in Bengaluru; Editing by Shilpi Majumdar)

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