Baltic Index Down as Capesize Rates Sag
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for larger vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 16 points, or 1.24 percent, at 1,278 points.
The capesize index lost 90 points, or 4.05 percent, to end at 2,130 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $630 at $15,524.
The panamax index snapped a seven session gain-streak and fell 9 points, or 0.56 percent, to close at 1,612 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $71 to $12,916.
Among smaller vessels, the supramax index rose 2 points to 900 points, while the handysize index rose 5 points to 568 points.
Reporting by Nithin Prasad
