Baltic Index Falls on Capesize Weakness
The Baltic Exchange's main sea freight index fell for the sixth straight session on Monday, pressured by a dip in capesize rates to the lowest in nearly eight months.
- The overall index, which factors in rates for capesize, panamax and supramax shipping vessels that ferry dry bulk commodities, dipped 7 points or 0.61 percent to 1,136 points, its lowest since Feb. 20.
- The capesize index fell 32 points or 2.66 percent to 1,171 points, its lowest level since end-July.
- The index extended its losing streak to 10 sessions, having fallen over 26 percent during the period.
- Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, slipped $270 to $9,330.
- The panamax index rose 3 points or 0.19 percent to 1,621 points.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, climbed $20 to $13,013.
- The supramax index rose 8 points to 1,099 points.
Reporting by Swati Verma in Bengaluru