The Baltic Dry Index records a 19-day winning streak Ship’s crew

Reuters

March 16 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks prices for dry bulk cargo vessels, kicked off its 19-day winning streak on Thursday, weighed down by weakness in the Capesize and Panamax segments.

* The composite index, which includes rates for capesize, panamax and supramax ships, fell 43 points, or about 2.7%, to 1,560 – the biggest drop since February 15. * The Capesize Index fell 128 points, or about 6.1%, to 1,976.

* The average daily earnings for capesizes, which typically haul 150,000-ton shipments such as iron ore and coal, fell $1,066 to $16,387.

* Dalian and Singapore iron ore futures tumbled Thursday, along with steel benchmarks in China, as sentiment deteriorated, reflecting broader risk aversion fueled by fears of a banking crisis.

* The Panamax Index fell 22 points, or about 1.2%, to end its 17-session winning streak at 1,746.

* Average daily earnings for panaxes, which typically haul coal or grain loads of about 60,000 to 70,000 tons, fell $196 to $15,716.

* For smaller vessels, the Supramax Index .BSIS increased by 16 points, or about 1.2%, to 1,312.

* “The trend across all markets remains positive, despite some areas such as USG and North Atlantic (which) may see lower rates as the number of ships outstrips the number of new requirements,” shipbroker Fearnleys wrote in a weekly report on Supramax segment.

(Reporting by Ananya Bajpai in Bengaluru; Editing by Shailesh Kuber)

(c) Copyright Thomson Reuters 2023.

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