Baltic Index Drifts Lower as Capesize Rates Weigh

The Baltic Exchange's main sea freight index dropped on Monday, as weaker rates for the larger capesize segment offset gains in panamax and supramax vessel rates.

The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 14 points, or 0.8%, to an over one-week low of 1,740.

The capesize index retreated 54 points, or about 1.9%, to 2,839.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $448 to $23,541.

The panamax index gained 2 points , or 0.1%, to 1,618.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $14 at $14,559.

The supramax index rose 10 points to 1,096, a peak since late-October, 2019.

(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Steve Orlofsky )