Baltic index snaps eight-session rally due to weaker rates
in Dry Bulk Market 27/09/2017
The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, fell for the first time in nine sessions on Tuesday as rates for larger vessels declined.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, dropped 27 points, or 1.8 percent, to end at 1,476 points.
The eight sessions of gains had helped the index clock an increase of more than 12 percent and touch a six-and-a-half-year high of 1,503 points on Monday.
The capesize index ended down 72 points, or 2.27 percent, at 3,101 points on Tuesday, a day after it hit a near three-year high.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $811 to $21,639.
The panamax index dropped 28 points, or 1.9 percent, to 1,446 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $226 to $11,625.
Among indexes tracking rates for smaller vessels, the supramax index shed 3 points to 1,065 points, while the handysize index rose 5 points to 607 points.
Source: Reuters
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