Dry Bulk Rates Continue to Slide

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday for the eleventh straight session as demand fell across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 15 points, or 1.4 percent, at 1,042 points.

The index fell for the eleventh straight session and hovered at over six-week lows.

The capesize index also fell for the eleventh straight session and lost 48 points, or 3.6 percent, at 1,276 points.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $256 at $10,583.

The panamax index was down 14 points, or 1.2 percent, at 1,149 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $113 to $9,262.

The supramax index fell four points to 1,064 points.

(Reporting by Nithin Prasad in Bengaluru)