Baltic Index Down on Weaker Panamax Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell slightly on Monday on weaker demand for panamax vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down three points, or 0.49 percent, at 607 points.

The capesize index gained nine points, or 0.99 percent, at 922 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $35 to $6,789.

The panamax index was down six points, or 1.09 percent, at 544 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $44 to $4,349.

Among smaller vessels, the supramax index and the handysize index both fell four points to 570 points and 345 points respectively.

Reporting by Nithin Prasad