August 5, 2019 / 1:38 PM / 4 months ago

Baltic index falls to near one-month low as vessel rates drop

Aug 5 (Reuters) - The Baltic Exchange’s main sea freight index fell for a tenth straight session on Monday to its lowest in nearly a month as a combination of better ship supply and easing demand hurt vessel rates.

* The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 14 points, or 0.8%, to 1,774 points, lowest since July 9.

* The index has, still, nearly tripled since February, mainly driven by strong demand for vessels that ship iron ore from Brazil into China over the past few months.

* Activity, however, eased in the past couple of weeks, weighing on vessel rates, analysts said.

* The capesize index fell 12 points, or 0.3%, to 3,480 points.

* Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $130 to $25,619.

* The panamax index fell 26 points, or 1.5%, to 1,753 points. The index was down for a ninth straight session. The index fell 15.6% last week, its worst week since week-ending Feb. 1.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $209 to $14,025.

* The supramax index fell 9 points to 959 points. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber)

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