Baltic Index Dips on Sluggish Capesize Demand
The Baltic Exchange's main sea freight index declined on Thursday as rates for capesize vessels fell, offsetting gains in other vessel categories.
* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell 24 points, or 1.5%, to 1,575 points.
* The capesize index was down by 57 points, or 1.7%, to 3,325 points, ending a nine-day gaining streak.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $687 to $24,229.
* The panamax index rose 10 points, or 0.8%, to 1,336 points, logging its seventh-straight session of gains.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $77 to $10,704.
* The supramax index edged up three points to 831 points, registering its twelfth consecutive session of gains.
(Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)