Baltic Index Falls On Waning Panamax Rates
The Baltic Exchange's main sea freight index hit an almost one-week low on Monday, dragged down by weaker demand for panamax and supramax vessels.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dipped 8 points, or 1.3%, to 617. This is its lowest level since March 17.
The panamax index fell 33 points, or 4.1%, to 774, posting its 11th successive decline.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $291 to $6,968.
The capesize index was by up by 12 points, at -109, recording its seventh consecutive rise.
Average daily earnings for capesizes, which typically transport 170,000 tonnes-180,000 tonnes of cargoes, including iron ore and coal, was up $85 to $4,152.
The supramax index fell 9 points to 732.
(Reporting by Nakul Iyer in Bengaluru; editing by Uttaresh.V)