Baltic index down as capesize earnings tumble

By: | at 10:31 AM | Maritime  

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday as earnings of capesize vessels plunged amid weak demand from China.

* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 59 points or 4.13 percent to 1,369 points.

* The Baltic’s capesize index fell 109 points or 5.24 percent to 1,973 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,731 or 11.11 percent to $13,848.

* Chinese steel and iron ore futures slid on Tuesday to their weakest levels since they were launched, reflecting thin demand from the world’s top consumer of the two commodities that has also slashed spot iron ore prices by 7 percent this month.

* The panamax index shed 22 points or 1.42 percent at 1,530 points.

* Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grains, were down $175 or 1.41 percent to $12,204. (Reporting by Shruti Chaturvedi in Bangalore; Editing by John Stonestreet)


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