Baltic index drops to near two-month low as capesizes extend fall

Belships ASA

09/02/2021 14:35

Feb 9 (Reuters) - The Baltic Exchange's main sea freight
index dropped to its lowest in nearly two months on Tuesday, as
capesize vessel rates fell for a 14th consecutive session,
offsetting a rise in panamax rates. 
    * The Baltic dry index  .BADI , which tracks rates for
capesize,
panamax and supramax vessels ferrying dry bulk commodities, was
down 11 points, or 0.8%, at 1,306. 
    * The capesize index  .BACI  slipped 84 points, or 5.8%, to
1,370,
lowest since Dec. 10. 
    * ​Average daily earnings for capesizes, which typically
transport
150,000-tonne cargoes such as iron ore and coal, were down $698
at $11,359. 
    * Decreased activity in the Atlantic, the key Brazil-China
route,
and in the Pacific, has weighed on the capesize segment, Allied
Shipbroking said in a weekly note. 
    * "However, it is likely that we have finally reached a
floor,
with some signs of stability starting to take shape," the note
said. 
    * The panamax index  .BPNI  gained 51 points, or 3%, to
1,740, its
highest level since  Aug. 19, 2020. 
    * Average daily earnings for panamaxes, which usually carry
coal
or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose
$466 to $15,664.
    * The supramax index  .BSIS  advanced 7 points to 1,156. 


 (Reporting by Bharat Govind Gautam in Bengaluru;
Editing by Vinay Dwivedi)
 ((BharatGovind.Gautam@thomsonreuters.com; +91-80-6182-3021/
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