Baltic Index Hauled Down by Weak Capesize Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday, primarily due to weak demand for capesize vessels.

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels fell 5 points, or 0.62 percent, to 804 points.

The capesize index fell 20 points, or 1.29 percent, to 1,531 points.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $177 to $10,529.

The panamax index rose 2 points, or 0.26 percent, to 770 points.

Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, rose $12 to $6,168.

Among smaller vessels, the handysize index dropped 1 point to 379 points and the supramax index fell 2 points to 664 points.

 

(Reporting by Nithin Prasad in Bengaluru)