Baltic Index Falls 2% on Lower Rates for Panamax Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped 2 percent on Wednesday on weaker rates for panamax and supramax vessel segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 31 points, or 2 percent, to 1,546 points.
* The index registered its biggest daily percentage decline in six-weeks.
* The panamax index slipped 46 points, or 2.7 percent, at 1,669 points, marking its biggest daily percentage fall since Aug. 3.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $368 to $13,372.
* The supramax index fell 12 points to 1,144 points.
* The capesize index rose 25 points, or 1 percent, to 2,388 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined $411 to $19,025.
Reporting by Karthika Suresh Namboothiri in Bengaluru