Weaker Capesize Demand Pulls Down Baltic Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry-bulk commodities, fell on Wednesday, primarily due to lower demand for capesize vessels.

 

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry-bulk transport vessels, dropped 26 points or 2.81 percent to 900 points as rates fell across vessel segments.

 

The capesize index was down 95 points, or 4.68 percent, at 1,936 points.

 

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $702 to $13,832.

 

The panamax index dropped 13 points, or 1.79 percent, to 712 points.

 

Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, fell $104 to $5,706.

 

Among smaller vessels, the handysize index slipped two points to 398 points and the supramax index fell 10 points to 703 points.


(Reporting by Apeksha Nair in Bengaluru; Editing by Pravin Char)