Baltic Index Slips as Demand Falls

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Monday as demand dropped across all vessel categories.

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped eight points, or 0.9 percent, to 881 points.

The capesize index shed 30 points, or 1.55 percent, to 1,901 points.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $223 to $13,511.

The panamax index fell for the ninth straight session, slipping two points, or 0.29 percent, to 699 points.

Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, fell $14 to $5,606.

Among smaller vessels, the handysize index dropped two points to 390 points and the supramax index fell three points to 688 points.

 

(Reporting by Apeksha Nair in Bengaluru)