Baltic Index Snaps 7-day Win Streak as Capesize Drags
The Baltic Exchange's main sea freight index fell on Monday, breaking a seven-day winning streak as rates for capesize vessels eased.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 21 points, or 1%, to 2,067 points.
The capesize index fell 98 points, or 2.6%, to 3,728 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $743 to $28,881.
Dalian iron ore futures gave up early gains and ended lower on Monday, with focus shifting to demand prospects clouded by steel production curbs in China. IRONORE/
The panamax index inched up 5 points to 2,174 points, its highest since July 25. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $43 to $17,402.
The supramax index was 23 points higher at 1,141 points.
Reporting by Shreyansi Singh