Weaker Capesize Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday on weaker rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down two points, or 0.15 percent, at 1,294 points.
The capesize index lost 29 points, or 1.29 percent, to close at 2,220 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $207 to $16,154.
The panamax index was up 10 points, or 0.62 percent, at 1,621 points, its highest level since January 2014.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $79 to $12,987.
Among smaller vessels, the supramax index fell 1 point to 898 points, while the handysize index rose 3 points to 563 points.
Reporting by Nithin Prasad
