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Baltic Dry Index Snaps 15-Session Winning Streak

Reuters
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May 6, 2021
Reuters

May 6 (Reuters) – The Baltic exchange’s main sea freight index dropped from an 11-year peak on Thursday, breaking its 15-session winning steak, weighed down by lower rates for the larger capesize segment.

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 54 points, or 1.7%, to 3,212.

* The index rose for the previous 15 sessions, its longest gaining streak since the 27-session winning run that ended in early July last year.

* The capesize index fell 237 points, or nearly 4.4%, to 5,167, having jumped to an over 11-year high on Wednesday.

* ?Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, reduced by $1,965 at $42,852.

* “Considerable congestion in certain key ports, quarantine restrictions, ongoing crewing problems and most recently a very serious India situation together add further fuel to the fire as fleet efficiency is reduced,” ship broker Fearnleys wrote in a weekly note.

* Asia’s iron ore benchmarks rose after China “indefinitely” suspended all activity under a China-Australia Strategic Economic Dialogue, in the latest setback to the strained relations between Beijing and Canberra.

* The panamax index rose 61 points, or 2.1%, to 2,909.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose $548 to $26,182.

* The supramax index was up 25 points at 2,160. (Reporting by Seher Dareen in Bengaluru; Editing by Maju Samuel)

(c) Copyright Thomson Reuters 2021.
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