Falling Capesize Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday on sliding rates for capesize vessels, weighed further by weaker panamax demand.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 35 points, or 2.74 percent, at 1,243 points.
The capesize index lost 139 points, or 6.53 percent, to 1,991 points, its lowest in over a month.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $864 to $14,660.
The panamax index was down 59 points, or 3.66 percent, at 1,553 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $468 to $12,448.
Among smaller vessels, the supramax index fell 1 point to 899 points, while the handysize index rose 4 points to 572 points.
Reporting by Nithin Prasad
