Baltic Index Dips on Weak Demand for Smaller Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday due to weak demand for smaller vessels.

The overall index - which factors in rates for capesize, panamax, supramax and handysize shipping vessels - was down one point, or 0.16 percent, at 610 points.

The capesize index gained 11 points, or 1.11 percent, to 1,006 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $77 to $7,241.

The panamax index remained flat at 543 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $2 to $4,337.

Among smaller vessels, the supramax index fell 3 points to 557 points, while the handysize index fell 5 points to 327 points.

 

Reporting by Nithin Prasad