Baltic Index Falls on Weaker Demand for Larger Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday on weaker demand for larger vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down nine points, or 1.42 percent, at 625 points.
The capesize index lost 36 points, or 3.97 percent, at 870 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $397 to $6,981.
The panamax index was down three points, or 0.49 percent, at 614 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $19 to $4,909.
Among smaller vessels, the supramax index rose four points to 562 points, while the handysize index rose one point to 343 points.
(Reporting by Nithin Prasad in Bengaluru)
