Baltic Index Falls on Weak Rates

The Baltic Exchange's main sea freight index fell on Monday, breaking a 20-day winning streak, as weak demand for capesize and panamax vessels offset strong rates for the supramax segment.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell 1 point, or 0.2%, to 616.

The capesize index fell 60 points to -372.

Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes including iron ore and coal, dropped by $157 to $2,385.

The panamax index fell 1 point, or 0.1%, to 1,067, marking its first fall in 23 sessions.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, declined $3 to $9,607.

The supramax index rose 16 points to 704. 

(Reporting by Anjishnu Mondal in Bengaluru; Editing by Maju Samuel)