Baltic index breaks 5-session winning run on lower vessel rates
May 24 (Reuters) - The Baltic Exchange's main sea freight index .BADI dipped on Tuesday, snapping a five session winning streak, as rates declined across the larger vessel segments.
* The overall index, which factors in rates for capesize, panamax, supramax shipping vessels, lost 116 points, or 3.4%, to 3,253. The index had risen to its highest in over five months in the last session.
* The capesize index .BACI dipped 314 points, or 6.8%, to 4,288 points.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $2,605 at $35,564.
* Chinese coking coal and coke futures dropped around 5%, pressured by expectations of higher supply and as demand from steel mills remained weak on thin profit margins.
* The panamax index .BPNI fell 56 points, or 1.7%, at 3,321 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $500 to $29,892.
* The supramax index .BSIS rose 10 points to 2,828 points.
Reporting by Rahul Paswan in Bengaluru; Editing by Shinjini Ganguli
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.