Baltic Index Down as Capesize Rates Dip to Lowest Seven Month Low
The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, fell for the twelfth straight session on Wednesday after the capesize index dropped to a seven-month low.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 55 points, or 5.2 percent, to 1,009 points, its lowest since mid-April.
The capesize index slid 18.5 percent, or 213 points, to 940 points, a level last touched on April 11. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $1,283 to $7,987.
The panamax index lost 14 points, or 0.9 percent, to 1,484 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined by $110 to $11,878.
The supramax index eased 4 points to 982 points.
Reporting by K. Sathya Narayanan