Baltic Index Dips
The Baltic Exchange's main sea freight index fell for a sixth-straight session on Wednesday, as demand for capesize vessels fell.
* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 68 points, or 4.5%, to a two-week low of 1,460.
* The capesize index slid 284 points, or 9%, to 2,883.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $2,007 to $20,645.
* The panamax index rose 48 points, or 3.4%, to 1,443, having risen for an eleventh-straight session.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $381 to $11,559.
* The supramax index was flat at 838 points.
(Reporting by Shreyansi Singh in Bengaluru; Editing by Vinay Dwivedi)