Falling Vessel Rates Keep Baltic Freight Index Down
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday for a 13th straight session as vessel rates continued to soften.
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped 32 points, or 3.02 percent, to 1,029.
The Baltic's capesize index fell 81 points, or 4.16 percent, to 1,865 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $825 at $11,763.
The panamax index fell 7 points, or 0.88 percent, to 787 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes between 60,000 and 70,000 tonnes, were down $56 at $6,346.
(Reporting by NR Sethuraman in Bangalore; Editing by Dale Hudson)