Weaker Capesize Rates Pull Baltic Index Down
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 7 points, or 0.84 percent, at 822 points.
The capesize index lost 65 points, or 7.95 percent, at 753 points, touching its lowest level since Feb. 17.
Capesize dry bulk rates have yet to see a floor with earnings dipping to about $6,400/day on average as the market remains quiet particularly in the Atlantic basin, according to the Clarksons Platou Securities note.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $250 at $6,396.
The panamax index was down 1 point, or 0.09 percent, at 1,062 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $6 to $8,523.
Among smaller vessels, the supramax index fell 3 points to 732 points, while the handysize index rose 1 point to 471 points.