Photo: Shutterstock/Volodymyr Kyrylyuk

Aug 1 (Reuters)– The Baltic Exchange’s major sea products index succumbed to a 8th straight session on Thursday, as raised vessel supply and also reducing need for delivery iron ore dragged down capesize prices, while soft South American orders harm panamaxes.

* The Baltic index, which tracks prices for ships shuttling completely dry mass products, dropped 3%, or 56 factors, to 1,812 factors.

* The index has still even more than tripled given that February, primarily driven by solid need for vessels that deliver iron ore from Brazil right into China over the previous couple of months.

* The capesize index dropped 123 factors, or 3.4%, to 3,534 factors.

* Average everyday incomes for capesizes, which usually carry 170,000 tonne-180,000 tonne freights such as iron ore and also coal, dropped $885 to $26,067.

* “The fleet has repositioned in a more balanced way with the Atlantic basin filling up … The amount of vessels heading to the Atlantic has resulted in a more cautious outlook amongst market players,” shipbroker Fearnleys stated in a note.

* “However, cargo volumes remain at healthy levels so it is hard to believe in a dramatic market fall the next weeks.”

* The panamax index dropped 73 factors, or 3.9%, to 1,818 factors. The index was down for the 7th straight session.

* Average everyday incomes for panamaxes, which generally lug coal or grain freights of regarding 60,000 tonnes to 70,000 tonnes, reduced $582 to $14,547.

* “The market has taken a breather in both basins, and the summer-boom has taken a rapid turn to the red,” Fearnleys stated.

* “However, the sentiment in the market is still positive for the longer term, and many expect rates to continue the increase or at least stabilize going forward.”

* The supramax index dropped 8 indicate 974 factors. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber)

( c) Copyright Thomson Reuters 2019.