Baltic Index Falls on Weakness in Capesize Rates
The Baltic Exchange's main sea freight index edged lower on Thursday as a decline in capesize rates overshadowed advances in the panamax segment.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, ticked down by 7 points, or 0.6%, to 1,137.
The capesize index fell 78 points, or 4.5%, to 1,674, declining for the third straight session.
Average daily earnings for capesizes .BATCA, which typically transport 150,000-ton cargoes carrying commodities such as iron ore and coal, decreased by $643 to $13,883.
Dalian iron ore futures fell on a weak steel market and lingering woes over steel production.
The panamax index gained 59 points, or 4.8%, to 1,292, hitting its highest level in almost three months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $531 to $11,629.
Among smaller vessels, the supramax index inched higher by 10 points, or 1.4%, to 706.
(Reuters - Reporting by Daksh Grover in Bengaluru; Editing by Shweta Agarwal)