Baltic Sea Freight Index down on Weak Capesize Rates
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped for a 14th straight session on Friday, driven mainly by falling capesize rates.
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 27 points, or 2.62 percent, to 1,002.
The Baltic's capesize index fell 76 points, or 4.08 percent, to 1,789 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $721 $11,042. Capesize rates have fallen about 32 percent this week.
The panamax index fell 5 points, or 0.64 percent, to 782 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of 60,000 to 70,000 tonnes, were down $34 to $6,312. Panamax rates have fallen about 4 percent this week.
(Reporting by NR Sethuraman in Bangalore, editing by David Evans)