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August 19, 2019

Baltic Index Snaps 7-day Win Streak as Capesize Drags

AdobeStock / © Igor Strukov

AdobeStock / © Igor Strukov

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

Baltic Exchange Capesize Index