Baltic Index Falters Again
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped for the fifth straight session on Wednesday, hurt by lower rates for larger vessels and supramax.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 24 points, or 2.76 percent, at 847 points.
The capesize index lost 96 points, or 9.63 percent, at 901 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $789 to $7,264.
The panamax index was down 2 points, or 0.19 percent, at 1,060 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $16 to $8,496.
Among smaller vessels, the supramax index fell 5 points to 742 points, while the handysize index was flat at 470 points.
Reporting by Karen Rodrigues
