Baltic Index Edges Lower on Weaker Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Wednesday as rates for capesize vessels fell.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 7 points or 0.52 percent to 1,337 points.
The capesize index lost 96 points or 3.52 percent to end at 2,628 points, marking its biggest one-day percentage decline in two weeks.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $813 to $19,129.
The panamax index rose 35 points or 2.45 percent to 1,464 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $277 to $11,754.
Among indexes tracking rates for smaller vessels, the supramax index climbed 15 points to 923 points, while the handysize index rose 7 points to 520 points.
Reporting by Nithin Prasad in Bengaluru
