Baltic Index Snaps Five-day Run

The Baltic Exchange's main sea freight index inched lower on Monday, ending a five-day winning streak, as rates for panamax and smaller vessels eased.
 

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, shed 5 points, or 0.41 percent, at 1,214 points.

The panamax index was down 7 points, or 0.47 percent, at 1,485 points, after rising to over 5-week highs in the previous session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $59 to $11,899.

Among smaller vessels, the supramax index shed 5 points to 895 points, and the handysize index lost 4 points to 573 points.

The capesize index was up 12 points, or 0.68 percent, at 1,784 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $8 to $14,065.

 

Reporting by Sumita Layek in Bengaluru