Baltic Index Declines on Weaker Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday on sluggish demand for panamax vessels, partially offset by a rise in demand for the smaller vessel sizes.

 

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down one point, or 0.16 percent, at 624 points.

 

The capesize index was flat at 870 points.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $35 to $6,946.

 

The panamax index was down three points, or 0.49 percent, at 611 points.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $24 to $4,885.

 

Among smaller vessels, the supramax index rose three points to 565 points, while the handysize index rose one point to 344 points.