Baltic Index Dips for a Straight Third Session
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for a third consecutive session on Tuesday, due to lower demand for larger capesize and panamax vessels.
* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 18 points, or 0.9%, to 1,898.
* The capesize index dropped 50 points, or 1.5%, to 3,204.
* The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $401 to $25,664.
* The panamax index was down by 10 points, or 0.5%, at 1,918, ending seven straight sessions of gains.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, dipped $79 to $15,376.
* The supramax index rose 4 points to 1,227.
(Reporting by Nakul Iyer in Bengaluru)