Baltic Index Falls on Lower Vessel Demand
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday, pressured by lower shipping rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 24 points, or 1.5%, to 1,552 - its biggest dip in two weeks.
The capesize index lost 33 points, or 1.4%, to 2,268.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell by $271 to $18,809.
The panamax index fell 23 points, or about 1.5% to 1,563 - its lowest since March 28.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined by $208 to $14,066. Among smaller vessels, the supramax index lost 21 points to 1,144.
(Reuters - Reporting by Ananya Bajpai in Bengaluru; Editing by Sonia Cheema)