Baltic Index Falls Again

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities fell on Friday reflecting low vessel demand across nearly all vessel sizes.

The overall index, which gauges the cost of shipping cargoes including iron ore, cement, grain, coal and fertiliser, slipped 12 points, or 2.25 percent, to 522 points.

The Baltic index is seen by investors as an indicator of global industrial activity.

The capesize index fell 45 points, or 5.46 percent, to 779 points as average daily earnings for capesize vessels fell $382 to $6,799. Capesizes typically transport 150,000-tonne cargoes such as iron ore and coal.

The panamax index, for ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose two points, or 0.49 percent, to 410 points. Average daily earnings for panamaxes increased $17 to $3,275.

Among smaller vessels, the handysize index dropped three points to 282 points, and the supramax index fell four points to 451 points.

Reporting by Harshith Aranya