Weaker Vessel Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the seventh session on Tuesday, weighed down by falling rates for most vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell to its lowest since early March. The index was down 5 points, or 0.52 percent, at 949 points.
The panamax index was down four points, or 0.47 percent, at 850 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $35 to $6,837, its lowest since early January.
The supramax index fell 7 points to 746 points, and the handysize index fell 10 points to 486 points.
Meanwhile, the capesize index rose 2 points, or 0.12 percent, to 1,706 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $50 at $12,508.
(Reporting by Swati Verma in Bengaluru)