Baltic Index Dips Again on Sagging Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the third consecutive session on Thursday, weighed down by weaker rates for larger vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 22 points, or 1.8 percent, to 1,200 points.
The capesize index slipped 49 points, or 2.06 percent, to 2,333 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $497 to $17,477.
"Capesize rates remain under pressure in the Pacific markets pushing global averages down to around $17,500/day," Clarksons Platou Securities analysts said in a note.
The panamax index shed 52 points, or 3.97 percent, to 1,259 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $411 to $10,099.
Among smaller vessels, the supramax index climbed 7 points to 840 points and the handysize index rose 3 points to 473 points.
Reporting by Eileen Soreng
