Baltic Index Slips to Two-week Low

The Baltic Exchange's main sea freight index on Thursday fell to its lowest level in two weeks, pulled down by falling rates for capesize and panamax vessels.

The overall index, which tracks rates for ships carrying dry bulk commodities, slid 26 points, or 1.9 percent, to 1,347 points.

The capesize index lost 52 points, or 2.5 percent, to end at 2,038 points.

"Extremely few cargoes out of west Australia, hence the general activity level for Pacific market this week been very low," ship broker Fearnleys said in a weekly report on Wednesday referring to the capesize segment.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $403 to $16,459.

The panamax index fell for the fifth straight session, slipping 37 points, or 2.6 percent, to 1,382 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $297 to $11,112.

The supramax index remained flat at 1,094 points.

(Reporting by Sumita Layek in Bengaluru)