Baltic Index Declines Due to Weaker Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, declined on Wednesday, hurt by weaker rates for the capesize vessel segment.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 24 points, or 1.5 percent, to 1,554 points.
* The capesize index shed 58 points, or 2.7 percent, to 2,106 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $584 at $18,099.
* Meanwhile, the panamax index rose 3 points, or 0.2 percent, to 1,796 points, touching a fresh high in about four years and ten months.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $21 to $14,385.
* The supramax index fell 4 points to 1,192 points.
Reporting by Arijit Bose in Bengaluru