The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, declined for a seventh consecutive session on Monday, weighed down by weaker rates for the capesize vessel segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 11 points, or 0.6%, to 1,797, hitting its lowest level since May 29.
The capesize index fell 32 points, or 1.2%, to 2,582, its lowest level in over two months.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were down $265 at $21,411.
Dalian iron ore futures prices pared earlier losses, buoyed by better-than-expected industrial data and hopes of stimulus measures from top consumer China this week, although adverse weather conditions capped gains.
The panamax index was unchanged at 1,792.
Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, increased $7 to $16,132.
Among smaller vessels, the supramax index was down 3 point, or 0.2%, to 1,383.
Russia’s exports of ultra low-sulphur diesel (ULSD) from the Baltic Sea port of Primorsk in August are set to fall by 16.4% month on month to 1.17 million metric tons, two traders said.
Source: Reuters
The post Baltic index extends losses for seventh straight day on weaker capesize rates appeared first on Shipping Herald.