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Baltic Dry Index Snaps Winning Streak as larger Vessel Rates Retreat

Reuters
Total Views: 960
December 5, 2023

Dec 5 (Reuters) – The Baltic Exchange‘s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities plunged on Tuesday, snapping an eight-session-long winning streak, dragged down by lower rates for capesize and panamax vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 203 points, or 6.1%, at 3,143. The Index had hit a one-and-a-half-year high on Monday.

* The capesize index lost 636 points, or 9.7%, to 5,946. The index had scaled a more than two-year high in the previous session.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, lost $5,274 to $49,310.

* Dalian iron ore futures declined on lingering fears of China’s supervision of the markets to ensure price stability, though analysts cautioned that the downward trend may be short-lived.

* The panamax index was down 16 points, or 0.7%, at 2,425.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $143 to $21,823.

* Among smaller vessels, the supramax index hit an over one-year high, adding 39 points, or 2.6% to 1565.

(Reporting by Hissay Ongmu Bhutia in Bengaluru; Editing by Tasim Zahid)

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