Lower Rates for Large Vessels Weighs on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped for the second straight session on Friday on weak rates for larger vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 19 points, or 2.07 percent, to 901 points.
The capesize index was down 60 points, or 5.24 percent, at 1,086 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $463 at $8,923.
The panamax index was off 28 points, or 2.5 percent, at 1,091 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slipped $221 to $8,746.
"A rather quiet close to the week with rates overall seeing some pressure across the segments," Clarksons Platou Securities analysts said in a note.
Among smaller vessels, the supramax index fell 4 points to 754 points, while the handysize index rose 3 points to 467 points.
(Reporting by Karen Rodrigues in Bengaluru)
