Baltic Sea Index Down as Weak Demand Hits Vessel Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday as lack of demand took a toll on rates for most of the vessel segments.

 

The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell two points to 596 points.

 

The capesize index remained unchanged at 456 points.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $40 to $4,290.

 

The panamax index fell two points, or 0.33 percent, to 597 points.

 

Average daily earnings for panamaxes, which usually carry 60,000- to 70,000-tonne cargoes of coal or grain, fell $16 to $4,778.

 

While the handysize index remained unchanged at 390 points, the supramax index fell one point to 647 points. Handysize and supramax are relatively smaller vessels compared with capesizes and panamaxes.