Baltic Index Down as Rates for Large Vessels Stay Weak
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for larger vessels and supramaxes.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 17 points, or 2.44 percent, at 679 points.
The capesize index fell 38 points, or 4.52 percent, to 803 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $336 at $5,723.
The panamax index was down 32 points, or 4.08 percent, at 752 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, decreased $256 to $6,020.
Among smaller vessels, the supramax index fell 6 points to 684 points, while the handysize index rose 6 points to 392 points.
(Reporting by Karen Rodrigues in Bengaluru)