Baltic Index Down on Weak Capesize Demand
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities fell on Monday, reflecting poor demand for large capesize vessels which typically transport 150,000 tonne cargoes such as iron ore and coal.
The overall index, seen by investors as an indicator of global industrial activity, and which gauges the cost of shipping cargoes including iron ore, cement, grain, coal and fertiliser, fell 14 points, or 2.68 percent, to 508 points.
The capesize index fell 57 points, or 7.32 percent, to 722 points, as average daily earnings for capesize vessels fell $458 to $6,341.
The panamax index for ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, remained unchanged at 410 points leaving average daily earnings for panamaxes also unchanged at $3,275.
Among smaller vessels, the handysize index dropped three points to 279 points, and the supramax index fell one point to 450 points.
(Reporting by Nithin Prasad in Bengaluru)
