May 11 (Reuters) - The Baltic Exchange's main sea
freight index , which tracks rates for ships carrying dry
bulk commodities, fell the most in three weeks on Thursday,
pressured by lower rates across all vessel segments.
* The overall index, which factors in rates for capesize,
panamax and supramax shipping vessels, dropped 32 points, or
about 2%, to 1,608 — its biggest one-day fall since April 18.
* The capesize index lost 64 points, or 2.4%, to
2,566.
* Average daily earnings for capesizes , which
typically transport 150,000-tonne cargoes carrying commodities
such as iron ore and coal, fell by $538 to $21,276.
* "Australian coal has been more active recently. All in all
it looks good, but some more Brazilian iron ore would be needed
in order to lift rates up to next level," shipbroker Fearnleys
wrote in a weekly report, referring to the capesize segment.
* Iron ore dipped, with Dalian futures retreating from a
more than two-week high and the Singapore benchmark contract
sinking back below $100 a tonne on scepticism over prospects of
demand recovery in China.
* The panamax index fell 36 points, or 2.4%, to
1,445 — its lowest since Feb. 28.
* Average daily earnings for panamaxes , which
usually carry coal or grain cargoes of about 60,000 to 70,000
tonnes, declined by $324 to $13,009.
* "The North Atlantic was still widely gapped between the
grain and mineral trades, while trade ex-South America remained
slow," Fearnleys noted.
* Among smaller vessels, the supramax index lost 2
points to 1,112.
(Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi
Majumdar)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.