Baltic index dips for second consecutive session on lower vessel rates

BY Reuters | ECONOMIC | 05/16/22 09:26 AM EDT

May 16 (Reuters) - The Baltic Exchange's main sea freight index fell for the second consecutive session on Monday due to weaker rates for all vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 19 points, or 0.6 %, at 3,085 points.

* The capesize index lost 18 points, nearly 0.5%, at 3,929 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $152 to $32,581.

* Meanwhile, Chinese iron ore futures rose on Monday, supported by supply concerns and shrinking portside inventories of the steelmaking ingredient, while the easing of some COVID-19 curbs in the world's top steel producer also lifted trader sentiment.

* The panamax index was down 42 points, or about 1.3%, at 3,241 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $377 to $29,168.

* India's wheat export ban has trapped some 1.8 million tonnes of grain at ports, leaving traders facing heavy losses from the prospect of selling in a weaker domestic market, four dealers told Reuters.

* The supramax index fell four points to 2,748 points. (Reporting by Roshan Abraham in Bengaluru; Editing by Shinjini Ganguli)

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