Baltic index stagnates as small ship slumps against capesize

Aug. 9 (Reuters) – The Baltic Exchange’s main ocean freight index, which tracks rates for ships carrying dry bulk cargo, remained unchanged on Monday near the month-long peak it reached last week, the gains in small vessel rates offsetting a drop in capes.

* The overall index, which takes into account the prices of capesize, panamax, supramax and handysize vessels, remained stable at 3,371. The index peaked more than a month at 3,376 on August 5.

* The capesize index lost 17 points, or 0.4%, to 4,342.

* Average daily earnings for capesizes, which typically carry 150,000-ton cargoes such as iron ore and coal, decreased from $ 141 to $ 36,009.

* Iron ore futures extended last week’s losses, weighed down by prospects for improving supply and weaker demand from China.

* However, brokerage firm Jefferies said in a weekly report that dry bulk rates are expected to remain firm as demand growth is expected for all dry bulk products as capesize rates are likely to outperform over the course of time. of the second half of 2021.

* “Container rates and container ship charter rates are expected to remain high with sustained growth in GDP and consumer spending coupled with limited supply growth,” he added.

* The Panamax index rose 9 points, or 0.3% to 3,458, the highest since July 27.

* Average daily earnings for Panamax, which typically haul cargoes of coal or grain of around 60,000 to 70,000 tonnes, increased from $ 84 to $ 31,125.

* The supramax index rose 12 points, or 0.4%, to 3,022 points, an all-time high. (Report by Rahul Paswan in Bangalore)

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