Baltic Index Down on Weaker Capesize, Smaller Ship Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, was down on Wednesday on weaker demand for capesizes and smaller vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 15 points, or 2.53 percent at 579 points.
The capesize index fell 39 points, or 5.19 percent to 713 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $425 to $5,521.
The panamax index rose two points to 583 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $14 to $4,660.
Among smaller vessels, the handysize index slid three points to 349 points and the supramax index was down seven points at 560 points.
(Reporting by Apeksha Nair in Bengaluru)
