Lower Rates for Larger Vessels Drag Baltic Index Down
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday on lower rates for capesize and panamax vessels. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 13 points, or 1.09 percent, at 1,179 points. The capesize index fell 63 points, or 4.42 percent, to 1,362 points, the lowest level since Aug. 1, 2017. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $396 at $10,810.