Baltic Index Falls on Softer Panamax Demand
The Baltic Exchange's main sea freight index dipped on Tuesday, weighed down by a fall in rates for panamax vessels, which registered its seventh straight day of decline.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, declined 11 points, or 1.8%, to 612
The panamax index dropped 40 points, or 4.1%, to 930.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, fell $365 to $8,367.
The capesize index inched up by 4 points to a three-week high of -289 - its highest since Feb. 25.
Average daily earnings for capesizes, which typically transport 170,000 tonnes-180,000 tonnes cargoes including iron ore and coal, rose by $5 to $2,800.
The supramax index was unchanged at 754.
(Reporting by Nakul Iyer in Bengaluru; Editing by Krishna Chandra Eluri)