Baltic Index Retreats as Capesize Rates Drop
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, Panamax and supramax vessels, shed 16 points, or 1.1%, at 1,488.
The index registered a small 0.5% weekly gain. The capesize index fell 46 points, or 2%, to 2,218. However, the capesize index registered a 2.7% weekly gain.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, declined $381 to $18,394.
The panamax index edged down 2 points to 1,617, falling for a tenth consecutive session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, was down $19 at $14,549.
The supramax index was flat at 958.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Ramakrishnan M.)