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Baltic index extends fall as rates slide across vessels

22 Δεκεμβρίου 2021.

ploiodry54The Baltic Exchange’s dry bulk sea freight index fell for the ninth straight session on Tuesday, hovering near an eight-month low, tracking a retreat across its vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 77 points, or 3.3%, to 2,294, its lowest since April 14.

“It seems that the overall market has already entered a correction path just a breath before the close of the year,” Allied Shipbroking said in a weekly note

The capesize index dropped 144 points, or 5.1%, to 2,663, its lowest since June 9.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,195 to $22,088.

Iron ore prices scaled multi-week highs, with benchmark futures in Dalian and Singapore rising for a fourth straight session, underpinned by hopes of improved demand for the steelmaking ingredient in top steel producer China.

The panamax index fell 45 points, or 1.9%, to 2,311, its lowest level in a month.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $408 to $20,796.

The supramax index lost 53 points and fell to its lowest in three weeks at 2,383.

Source: Reuters