Baltic Index Records Fifth Straight Fall
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, dipped for a fifth successive session on Wednesday, weighed down by weaker capesize vessel rates.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down by 44 points, or 3.4%, to 1,260.
The capesize index dropped 108 points, or 4.3%, to 2,435 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $1,208 to $18,606.
The panamax index rose 11 points, or 1%, to 1,127 points, its biggest percentage gain since Oct. 10. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, inched up by $89 to $9,051.
The supramax index edged higher by 2 points to 718.
Reporting by Nakul Iyer