Baltic index falls on dip in larger vessels

The Baltic Exchange’s main sea freight index (.BADI) fell on Monday, pressured by a dip in the capesize and panamax vessel segments.
 

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was down 17 points, or 0.9%, at 1,944.
 

The capesize index (.BACI) lost 55 points, or 2.3%, at 2,341.
 

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel making ingredient iron ore used in construction, was down $456 at $19,418.
 

Meanwhile, iron ore prices rose, as portside inventory in top steel producer China shrank during the Golden Week holidays to its lowest since mid-July, indicating strong demand for the steel-making ingredient.

The panamax index (.BPNI) snapped a four-session winning streak and fell by 7 points, or 0.3%, to 2,228.
 

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was down $68 at $20,048.
 

The supramax index (.BSIS) rose for the fifth straight session, adding 8 points to 1,714.

Source: Reuters

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