Baltic Index Inches Down on Weaker Panamax Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, pulled down by lower panamax rates, which offset gains by stronger demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down four points, or 0.2 percent, at 1,756 points.

The capesize index gained 19 points, or 0.5 percent, at 3,534 points, its highest since Dec. 18. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $219 at $26,423.

The panamax index was down 48 points, or 3.1 percent, at 1,491 points, registering its highest daily percentage fall in nearly four months. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $379 to $11,928.

The supramax index fell four points to 1,032 points.

Reporting by Harshith Aranya in Bengaluru