Baltic Index falls on lower capesize demand

2-exclusive

The Baltic Exchange’s main sea freight index dipped on Friday, moving near a six-month low hit earlier this month, as capesize vessel activity experienced a slowdown due to the Lunar New Year holiday in Asia.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down five points, or 0.46 percent, at 1,084 points. On Feb. 5, the index touched its lowest since August at 1,082 points.

“Rather limited activity across the segments to close the week with Chinese Lunar New Year today,” said analysts at shipbroker Clarksons Platou Securities.

“Capesize dry bulkers are also seeing lingering pressure with global earnings drifting to around $12,400 a day.”

The capesize index fell 55 points, or 3.31 percent, to 1,608 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $432 to $12,396.

The panamax index was up 22 points, or 1.76 percent, at 1,273 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $173 to $10,216.

Among smaller vessels, the supramax index rose five points to 837 points, while the handysize index was flat at 515 points.

Source: MARINELINK