Baltic Index Down on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell marginally on Monday on weaker demand for smaller vessels and panamaxes, partially offset by higher demand for capesizes.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down one point, or 0.16 percent, at 609 points.

The capesize index gained eight points, or 0.8 percent, at 1,014 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $33 to $7,274.

The panamax index was down one point, or 0.18 percent, at 542 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $10 to $4,327.

Among smaller vessels, the supramax index fell three points to 554 points, while the handysize index fell five points to 322 points.

Reporting by Harshith Aranya