October 1, 2019 / 2:51 PM / 19 days ago

Baltic index hits 7-week low on lower rates across vessels

Oct 1 (Reuters) - The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to a seven week-low on Tuesday, pressured by weaker demand across vessel segments.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 14 points, or 0.77%, to 1,809 points, its lowest level since Aug. 12.

* The capesize index dipped 37 points, or 1.13%, to 3,232 points, recording a fifth consecutive fall.

* The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $81 to $24,321.

* “Continuing trade tensions between the U.S. and China aren’t likely to leave much room for further improvement to be seen on key dry bulk trades,” Allied Shipbroking said in a note on Monday.

* The panamax index dropped 21 points, or 1.19%, to 1,745 points, touching its lowest level in nearly three months.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $167 to $13,973.

* The supramax index declined 17 points to 1,231 points. (Reporting by Nakul Iyer in Bengaluru)

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