Baltic Index Hits 2-Week Low
The Baltic Exchange's main sea freight index fell for a seventh-straight session and hit an over two-week low on Thursday, weighed down by sluggish demand for capesize vessels.
* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 72 points, or 4.9%, to 1,388, its lowest in over two weeks.
* The capesize index slid 285 points, or 9.9%, to 2,598.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $1,871 to $18,774.
* The panamax index rose for a twelfth-straight session, adding 16 points, or 1.1%, to 1,459.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $127 to $11,686.
* The supramax index fell 3 points to 835 points.
(Reporting by Shreyansi Singh in Bengaluru; Editing by Rashmi Aich)