Baltic Index Falls to Weakest Since Mid-December
The Baltic Exchange's main sea freight index marked its biggest percentage decline since mid-December on Friday as rates for larger vessels dipped due to limited activity.
The Baltic index, which tracks rates for ships carrying dry bulk commodities, was down 3.86 percent.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 48 points at 1,195, its weakest since March 22.
"Capesize and panamax vessels remain under pressure to close the week as both the Pacific and Atlantic markets remain rather quiet," Clarksons Platou Securities analysts said in a note.
The capesize index lost 161 points, or 8.09 percent, to their lowest since March 10, at 1,830 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,291 to $13,369, also the lowest since March 10.
The panamax index was down 59 points, or 3.8 percent, at 1,494 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $466 to $11,982.
Among smaller vessels, the supramax index was down 4 points at 895 points, while the handysize index rose three points to 575 points.
(Reporting by Swati Verma in Bengaluru)
