Baltic Index sags again, dragged down by capesize, supramax rates
The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for a third consecutive session on Thursday, hurt by weaker rates across the capesize and supramax segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 40 points at 1,023 points, its lowest level in a week.
The capesize index fell 99 points to 1,482 points. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $815 to $12,294.
Prices of iron ore futures rose to a four-week high, supported by reduced shipments from a major producer and growing expectations of further rate cuts by the Federal Reserve following cooler-than-expected U.S. inflation data.
The panamax index added 2 points to 896 points, snapping a six-day losing streak. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose by $10 to $8,060.
Among smaller vessels, the supramax index fell 18 points to 765 points, its lowest level in 17 months.
Elsewhere, Russia on Thursday accused NATO and the West of making "evidence-free" allegations against Moscow over ships purportedly involved in sabotaging undersea cables in an effort to curb sea-borne Russian oil exports.