Falling Vessel Rates Pull Down Baltic Sea Freight Index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for a tenth straight session on Monday as vessel rates continued to fall.
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 19 points, or 1.58 percent, to 1,186.
The Baltic's capesize index fell 13 points, or 0.56 percent, to 2,293 points.
Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were down $241 to $16,210.
The panamax index fell 10 points, or 1.22 percent, to 812 points.
Average daily earnings for panamaxes, which usually carry coal or grains cargoes between 60,000 and 70,000 tonnes, were down $83 to $6,548.
(Reporting by NR Sethuraman in Bangalore; editing by Jane Baird)