Baltic Index Dips on Capesize RatesPosted by Joseph Keefe
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday on weaker capesize vessel rates.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 2 points, or 0.27 percent, at 746 points.
The capesize index fell 30 points, or 2.95 percent, to 986 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $223 at $7,258.
The panamax index was up 5 points, or 0.57 percent, at 879 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $40 to $7,027.
Among smaller vessels, the supramax index rose 3 points to 700 points, while the handysize index rose 5 points to 371 points.
Reporting by Harshith Aranya and Karen Rodrigues