The baltic index expands the decrease at a lower level for capsize ships
The Transportation Index of the Utik Baltic Exchange, which tracks the tariff for ships carrying dried bulk commodities, falls for the third session in succession on Wednesday because the level of weaker capsis.
* The main BBDI index, which tracks the tariff for shipping shipping ships, Panamax and Supramax, has dropped 37 points, or 1.9%, to 1,927 points, reaching the lowest level since August 5.
* CAPESIZE Index (.BACI) dropped 156 points, or 5.2%, at 2,867 points.
* The average daily income for cotton vessels (.batca), which usually transports 150,000 tons of cargo such as iron ore and coal, down $ 1,294 to $ 23,778.
“It seems that the market is currently moving to the side. We see some reduction in mining activities from Australia. There is a possibility of an impact on Australian mining activities from the Pacific while Atlantic shows several signs of resistance,” said Nikos Tagoulis, research analyst at the intermodal.
* Australia is one of the largest exporters of iron ore in the world and uses capsizing ships to transport dry mass goods through the Pacific shipping route.
“We hope that in the next few months, heavy rain and extreme dry weather will affect the price,” Tagoulis added.
* The price of iron ore futures decreased, suppressed by production cuts mandated ahead of the military parade in China and restrictions on US trade in steel imports.
* On Tuesday, the US Department of Trade said it was steel hiking and aluminum rates in more than 400 products including wind turbines, mobile cranes, equipment, bulldozers and other heavy equipment, along with trains, motorbikes, marine machines, furniture and hundreds of other products
* Meanwhile, the Panamax Index (.BPNI) rose 28 points, or 1.7%, at 1,665.
* The average daily income for Panamax ships (.BPWT), which usually carries 60,000-70,000 tons of coal or seeds, up $ 248 to $ 14,985.
* Among the smaller ships, the Supramax Index (.Bsis) added 19 points, or 1.4%, to 1,388.
Source: Reuters
