Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down nine points, or 1.25 percent, at 709 points.

The capesize index lost 18 points, or 2.01 percent, at 877 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $178 to $6,320.

The panamax index was down 21 points, or 2.54 percent, at 806 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $170 to $6,450.

Among smaller vessels, the supramax index was down one point to 697 points, while the handysize index rose three points to 386 points.

 

Reporting by Karen Rodrigues