Baltic Index Falls to Six-Week Low
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday to a six-week low as rates across vessel segments fell.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 20 points, or 1.9 percent, at 1,057 points, its lowest since April 17.
* The capesize index lost 71 points, or 5.1 percent, to 1,324 points. The index also touched its lowest since April 17.
* "Capesize rates have continued to soften due to an elevated list of available tonnage for June loading in Brazil," analysts at ship broker Clarksons Platou Securities wrote in a note.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $338 to $10,839.
* The panamax index was down 24 points, or about 2 percent, at 1,163 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $197 to $9,375.
* The supramax index fell 3 points to 1,068 points.
Reporting by Nithin Prasad in Bengaluru