The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, was mostly unchanged on Monday as gains in capesize countered weakness in panamax.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, edged down 1 point to 2,024 points.

The capesize index gained 24 points, or 0.8%, to 2,949 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, rose $198 to $24,455.

Iron ore futures slipped to their lowest levels in a week, hurt by shrinking steel margins and expectations of lower steel production ahead of a military parade in China.

The panamax index was down 34 points, or 1.8%, at 1,813 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell $310 to $16,313.

Among smaller vessels, the supramax index rose 2 points to 1,467 points – marking its 20th consecutive day of gains.

Elsewhere, Yemen’s Houthis said they launched a missile towards the Israeli-owned tanker Scarlet Ray near Saudi Arabia’s Red Sea port city of Yanbu in a rare attack off the Saudi coast.
Source: Reuters