Baltic Index Down as Capesize Demand Disappoints

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its fall Monday on weaker demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 5 points, or 0.85 percent, at 582 points.

The capesize index fell 30 points, or 3.24 percent, to 897 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $218 to $6,315.

The panamax index was flat at 546 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $4 to $4,365.

Among smaller vessels, the supramax index rose 4 points to 559 points, while the handysize index rose 1 point to 312 points.

Reporting by Harshith Aranya