Falling Capesize Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 10 points, or 0.83 percent, at 1,190 points.
The capesize index lost 63 points, or 2.58 percent, to close at 2,378 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $550 to $17,292.
The panamax index was up 18 points, or 1.63 percent, to end at 1,119 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $141 to $8,998.
Among smaller vessels, the supramax index rose 2 points to 888 points, while the handysize index rose 4 points to 516 points.
(Reporting by Nithin Prasad in Bengaluru)
