Baltic Index Edges Lower on Weaker Capesize Vessel Rates
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, inched lower on Thursday, as weaker capesize rates offset gains by panamax and supramax vessel segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 7 points, or 0.4 percent, at 1,720 points.
* The capesize index fell 84 points, or 2.4 percent, to 3,476 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $477 to $25,592.
* The panamax index gained 44 points, or 3.1 percent, its highest daily percentage rise in over a month, to hit 1,447 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $347 to $11,594.
* The supramax index rose 5 points to 1,050 points.
Reporting by Arijit Bose in Bengaluru