Baltic Sea Freight Index Down, Capesize Rates Slump
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for an 11th straight session on Tuesday, mainly driven by a heavy drop in capesize vessel rates.
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 88 points, or 7.42 percent, to 1,098.
The Baltic's capesize index fell 264 points, or 11.5 percent, to 2,029 points.
Average daily earnings for capesizes, which typically transport 150,000-metric-ton cargos such as iron ore and coal, were down $2,695 at $13,515.
The panamax index fell 11 points, or 1.35 percent, to 801 points.
Average daily earnings for panamaxes, which usually carry coal or grains cargoes between 60,000 and 70,000 tonnes, were down $84 at $6,464.
(Reporting by NR Sethuraman in Bangalore, editing by David Evans)