Weak Demand Drags Down Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to its lowest in nearly three months on Wednesday on weaker demand across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 15 points, or 1.58 percent, at 934 points - its lowest level since early March.
The capesize index lost 52 points, or 3.05 percent, at 1,654 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $331 at $12,177.
The panamax index was down one point, or 0.12 percent, at 849 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $14 to $6,823.
Among smaller vessels, the supramax index was down 9 points at 737 points, while the handysize index fell 8 points to 478 points.
(Reporting by Swati Verma in Bengaluru)