Baltic Freight Index Down, Capesize, Panamax Rates Fall
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for an eighth consecutive session on Thursday as rates for capesize and panamax vessels continued lower.
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 38 points or 2.99 percent to 1,235.
The Baltic's capesize index fell 75 points, or 3.1 percent, to 2,343 points.
Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were down $691 to $16,984.
The panamax index fell 31 points, or 3.58 percent, to 836 points.
Average daily earnings for panamaxes, which usually carry coal or grains cargoes between 60,000 and 70,000 tonnes, were down $250 to $6,745.
(Reporting by NR Sethuraman in Bangalore; editing by Keiron Henderson)