Capesize, Panamax Vessels Drag down Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday due to weaker rates for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 10 points, or 1.34 percent, at 736 points.
The capesize index fell 49 points, or 4.97 percent, to 937 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $399 at $6,859.
The panamax index was down 7 points, or 0.8 percent, at 872 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, decreased $55 to $6,972.
Among smaller vessels, the supramax index rose 2 points to 702 points, while the handysize index rose 5 points to 376 points.
Reporting by Eileen Soreng