Baltic index barely changed due to gains in panamax offsetting capesize losses
The Baltic Exchange main sea freight index which tracks the rates of ships transporting dry bulk commodities was not changed much on Monday, as gains for panamax vessels offset weakness in the capesize segment.
* The overall index which includes rates for Capesize, Panamax, and Supramax shipping vessels has gained 2 points or 0.1% to 1,883.
The capesize Index fell 13 points or 0.43% to 2,985.
The panamax Index rose by 19 points or 1.1% to 1,769; its highest level since the 28th of May.
The average daily earnings of capesize ships, which transport cargoes weighing up to 150,000 tons, including iron ore, coal and other commodities, dropped by $108 from $24,759.
* The average daily earnings of panamax vessels that carry 60,000 to 70,000 tons coal or grain cargo have increased by $167, from $15,919.
* The supramax index, which measures smaller vessels, ended a losing streak of 18 sessions, increasing 3 points, or 0.24% to 1,257. (Reporting and editing by Varun H. K. in Bengaluru)