Baltic Index Hits 14-Week Low
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, dropped on Thursday to its lowest level in 14 weeks on falling rates across vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 28 points, or 3.19 percent, at 850 points - its lowest level since Feb. 23.
The capesize index lost 81 points, or 5.36 percent, to end at 1,430 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $678 at $10,375.
The panamax index was down 19 points, or 2.29 percent, to close at 810 points - its lowest since Jan. 4.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $156 to $6,502.
Among smaller vessels, the supramax index was down 13 points at 685 points, while the handysize index fell 6 points to 449 points.
Reporting by Nithin Prasad
