Weakened Rates Weigh on Baltic index

The Baltic Exchange's main sea freight index fell for the second day in a row on Tuesday, pressured by weaker rates for capesize and panamax vessels.

The overall index, which tracks rates for ships carrying dry bulk commodities, was down 23 points, or 1.6 percent, at 1,419 points, its biggest one-day percentage decline in three weeks.

The capesize index slipped 41 points, or nearly 2 percent, to 2,187 points.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $437 to $17,796.

The panamax index fell 24 points, or 1.6 percent, to 1,458 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $197 to $11,714.

The supramax index inched up one point to 1,093 points.

(Reporting by Eileen Soreng in Bengaluru; Editing by Shounak Dasgupta)