Baltic Index Weighed Down by Weaker Capesize Rates

The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, fell on Friday, dragged down by weaker demand for capesize vessels.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 18 points, or 1.2 percent, to 1,536 points.

* The capesize index dipped 67 points, or 3.1 percent, to 2,081 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $613 at $18,026.

* "Rates does tend to see a few days of weakness," said Peter Sand, chief shipping analyst at industry lobby group BIMCO, adding that the main concerns right now are the "fleet growth and lack of demolition activity."

* The panamax index gained 21 points, or 1.2 percent, to 1,727 points, its highest since Jan. 3, 2014.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $164 to $13,849.

* The supramax index rose 5 points to 1,197 points.

Reporting by Brijesh Patel in Bengaluru