Baltic Index Eases on Weaker Capesize Rates

The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, was weighed down on Monday by weaker demand for the capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 9 points, or 0.7 percent, to 1,357 points.

The capesize index fell 47 points, or 2.5 percent, to 1,853 points, its lowest in almost 15 weeks.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $245 at $15,329.

The panamax index was down 5 points, or 0.3 percent, at 1,518 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell$35 to $12,184.

The supramax index rose 4 points to 1,138 points.

(Reporting by Arijit Bose in Bengaluru)