Baltic Index Ends Flat, Pausing 12 Day Losing Streak

Photo: Shutterstock/Lukasz Z
Photo: Shutterstock/Lukasz Z

ReutersFeb 11 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions as gloom over global demand continues to prevail.

The Baltic dry index is down about 98 percent from its peak of 11,793 points in May 2008, marking the lowest level since the records began in 1985.

The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, remained flat at 290 points.

The dry bulk sector has been particularly hurt by slower Chinese business at a time when the sector is struggling with huge overcapacity.

The capesize index was down 2 points at 206 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $20 to $2,756.

The panamax index was up 11 points, or 3.65 percent, at 312 points. Average daily earnings for panamaxes were up by $86 at $2,503.

The supramax index was down 3 points at 244 points, while the handysize index fell 2 points to 184 points. (Reporting by Kevin Jose in Bengaluru; Editing by Elaine Hardcastle)

(c) Copyright Thomson Reuters 2016.