Baltic Index Down on Weaker Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday on weaker rates for large vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 25 points, or 2.09 percent, at 1,170 points. The capesize index lost 50 points, or 2.73 percent, to 1,780 points, its lowest in over six weeks.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $409 at $12,960.
The panamax index was down 65 points, or 4.35 percent, at 1,429 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $513 to $11,469.
Among smaller vessels, the supramax index fell 3 points to 892 points, while the handysize index rose 2 points to 577 points.
Reporting by Nithin Prasad
