Baltic Index Hits Two-Week Low
The Baltic Exchange's dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, marked its lowest level in two weeks on Wednesday, pulled down by weaker capesize rates.
* The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 8 points, or 0.5%, to 1,634 points. The index hit its lowest level since March 12.
* The capesize index shed 49 points, or 1.9%, to reach 2,581 points, a two-week low.
* Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $408 to $21,402.
* Iron ore futures prices edged higher, underpinned by seasonal demand for the steelmaking ingredient, although output cuts by some steel makers in China capped further gains.
* The panamax index added 33 points, or 2.3%, to 1,456 points, a level not seen in over five-months.
* Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, gained $305 to $13,108.
* Among smaller vessels, the supramax index was nearly flat at 1,014 points.
* Elsewhere, the United States reached separate deals on Tuesday with Ukraine and Russia to pause their attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow.
(Reuters)
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