Baltic index reaches low 2 weeks in weaker Castesize demand

The Utik Baltic Exchange Sea Transport Index, which tracks the tariff for ships carrying dry bulk commodities, down to the lowest two weeks on Tuesday due to lower demand for capsize ships.

* BBDI’s main index, which tracks the tariff for CAPESIZE, PANAMAX and Supramax Shipping Vessels, down 58 points, or 2.9%, at 1,964 points, reaching the lowest level since August 5.
* CAPESIZE Index (.BACI) shed 189 points, or almost 6%, to 3,023 points, also reached the lowest two weeks.
* The average daily income for cotton vessels (.batca), which usually transports 150,000 tons of cargo such as iron ore and coal, down $ 1,566 to $ 25,072.
* Iron ore futures price slides, weighed by concerns about the demand for steel making material in the midst of output control in northern China’s leading consumers and a weakened steel market.
* Some steel factories at the Tangshan China Key Steel Production Center have received verbal instructions to cut production to ensure better air quality in Beijing for military parade to commemorate the end of the second world war, Mysteel consultant said in a note.
* Meanwhile, the Panamax Index (.BPNI) gained 7 points, or 0.4%, to 1,637.
* The average daily income for Panamax ships (.BPWT), which usually carries 60,000-70,000 tons of coal or seeds, increased by $ 64 to $ 14,737.
* Among the smaller ships, the Supramax Index (.Bsis) added 8 points, or 0.6%, to 1,369.
Source: Reuters