Baltic Index Slips on Lower Vessel Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, closed lower on Tuesday, as demand fell across vessel segments.
- The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, closed down nine points, or 0.8 percent, at 1,117 points.
- The capesize index finished lower by six points, or 0.5 percent, at 1,191 points.
- This despite a $1 rise in the average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, to $9,305.
- The panamax index dropped 23 points, or 1.46 percent, to end at a three-week low of 1,552 points.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $185 to $12,471.
- The supramax index fell 10 points to 1,106 points. The 0.9 percent decline was the index's steepest since Feb. 9.
Reporting by Vijaykumar Vedala in Bengaluru