Baltic Index Down on Weaker Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for panamaxes and smaller vessels, even as rates for capesizes rose.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell for the seventh straight session and was down 7 points, or 0.61 percent, to end at 1,147 points, its lowest since mid-March.
The capesize index snapped a six-session losing-streak and gained 23 points, or 1.3 percent, to 1,790 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $256 to $13,135.
The panamax index was down 51 points, or 3.72 percent, to close at 1,320 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $410 to $10,600.
Among smaller vessels, the supramax index fell 6 points to 881 points, while the handysize index fell 1 point to 576 points.
Reporting by Nithin Prasad
