Baltic Index Slips with Falling Panamax Rates, Capesize Revives

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell further on Wednesday, dragged down by decreasing panamax rates.

 

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, shed 6 points, or 0.76 percent, to 782 points.

 

The Baltic's capesize index inched up 2 points, or 0.42 percent, to 474 points - the first upward movement since November 21, after the index hit its lowest on record on Tuesday, according to data available on the Baltic Exchange website that dates back to March 1999.

 

Average daily earnings for capesize vessels rose on Wednesday, settling up $35 at $4,945.

 

The earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, have fallen about 78 percent over the last one month.

 

The Baltic's panamax index fell 16 points, or 1.83 percent, to 856 points.

 

Average daily earnings for panamaxes were down $132 at $6,821. Panamaxes usually carry coal or grain cargoes of 60,000 to 70,000 tonnes.