Baltic index sees worst day in six weeks as vessel rates falter

  • 12/14/2021
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- The Baltic Exchange"s dry bulk sea freight index fell for a fourth straight session on Tuesday to mark its worst day since early November, as rates slipped across all vessel segments. * The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, dropped 284 points, or 8.8% - biggest since Nov. 3 - to 2,932. * The capesize index (.BACI) lost 758 points, or 16.1%, to 3,960, its lowest level since Nov. 26. * Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $6,289 to $32,838. * "A slowdown may be witnessed as we are reaching the year"s end, with refreshed demand being expected for the beginning of 2022," Allied Shipbroking said in a weekly note, in reference to capesizes. * Chinese coking coal and coke futures rose on Tuesday, led by an over 6% jump in the metallurgical coal on supply worries fuelled by imports of the ingredient remaining at relatively low levels. * The panamax index (.BPNI) shed 116 points, or 3.9%, to its lowest in almost two weeks at 2,879. * Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $1,041 to $25,911. * The supramax index (.BSIS) fell 2 points to 2,550, snapping a 15-session winning streak. Reporting by Kavya Guduru in Bengaluru; Editing by Shailesh Kuber Our Standards: The Thomson Reuters Trust Principles.

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