Baltic Index Down on Weak Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday due to lower rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 11 points, or 1.84 percent, at 587 points.
The capesize index lost 49 points, or 5.02 percent, at 927 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $405 to $6,533.
The panamax index was up one point, or 0.18 percent, at 546 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $9 to $4,361.
Among smaller vessels, the supramax index rose one point to 555 points, while the handysize index fell three points to 311 points.
(Reporting by Harshith Aranya in Bengaluru)
