Baltic Index Down on Lower Capesize, Panamax Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell seven points, or about 1 percent to 703 points.
The capesize index was down 20 points, or 1.76 percent at 1,117 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $159 to $8,891.
The panamax index shed 18 points or 2.63 percent, to 667 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $138 at $5,326 on Friday.
Among smaller vessels, the supramax index rose four points to 582 points and the handysize index was up two points at 367 points.
(Reporting by Nithin Prasad in Bengaluru)
(Reporting by Nithin Prasad in Bengaluru)
