Capesize Rates at 7-week Low as Baltic Index Falls

Capesize rates marked its lowest in 7-weeks as the Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday.

The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 23 points, or 1.4 percent, to 1,661 points. The capesize index fell by 94 points, or 3 percent, to 2,994 points, its lowest since July 11.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, decreased $633 to $22,404.

The panamax index ended its consecutive 10-session gain, to shed 4 points, or 0.2 percent, touching 1,639 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $31 to $13,125.

The supramax index, rose 11 points to 1,121 points.

Reporting by Arijit Bose