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Baltic Index Declines Due to Weaker Capesize Rates

Maritime Activity Reports, Inc.

October 17, 2018

© Jeanette Dietl / Adobe Stock

© Jeanette Dietl / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, declined on Wednesday, hurt by weaker rates for the capesize vessel segment.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 24 points, or 1.5 percent, to 1,554 points.

* The capesize index shed 58 points, or 2.7 percent, to 2,106 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $584 at $18,099.

* Meanwhile, the panamax index rose 3 points, or 0.2 percent, to 1,796 points, touching a fresh high in about four years and ten months.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $21 to $14,385.

* The supramax index fell 4 points to 1,192 points.

Reporting by Arijit Bose in Bengaluru