Capesize Rate Drag Baltic Index Down for Tenth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, declined for the tenth straight session on Monday on weakening demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 22 points, or 1.9 percent, to 1,125 points.
The capesize index slipped 4.3 percent, or 63 points, to 1,398 points, its lowest since May. 30. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined by $490 to $10,760.
The panamax index inched up 1 point, or 0.1 percent, to 1,496 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $3 to $11,972.
The supramax index eased 9 points to 994 points.
Reporting by K. Sathya Narayanan