Baltic Index Down on Lower Rates for Panamax, Smaller Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday, pulled down by a fall in rates for panamax and smaller vessels.

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell four points to 587 points.

The capesize index was up nine points at 574 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $38 to $4,570.

The panamax index shed 11 points, or 1.67 percent, to 647 points.

Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, were down $91 at $5,155.

The handysize index was down three points at 340 points, while the supramax index dropped four points to 621 points.

(Reporting by Arpan Varghese in Bengaluru)