Baltic Index Continues to Fall Across all Segments
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities fell on Thursday reflecting low vessel demand across all sizes.
The overall index, which gauges the cost of shipping cargoes including iron ore, cement, grain, coal and fertiliser, slipped 12 points, or 2.2 percent, to 534 points.
The Baltic index is seen by investors as an indicator of global industrial activity.
The capesize index fell 33 points, or 3.85 percent, to 824 points as average daily earnings for capesize vessels fell $305 to $7,181. Capesizes typically transport 150,000-tonne cargoes such as iron ore and coal.
The panamax index, for ships that usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped four points, or 0.97 percent, to 408 points. Average daily earnings for panamaxes fell $37 to $3,258.
Among smaller vessels, the handysize index dropped one point to 285 points, and the supramax index fell five points to 455 points. (Reporting by Harshith Aranya