Baltic Index Down on for Panamax Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, hurt by weaker rates for panamax vessels.
The baltic dry index fell for the first time in five weeks on March. 16, after recording gains for 23 consecutive sessions.
The dry bulk market is expected to remain under pressure for longer because of weak demand for commodities, particularly from top global importer China.
The overall index that factors in the rates for capesize, panamax, supramax and handysize shipping vessels, slid one point to 392 points.
The capesize index was up six points, or 3.49 percent, at 178 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $49 to $1,985.
The panamax index slipped seven points, or 1.48 percent to 467 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $59 to $3,749.
Among smaller vessels, the supramax index rose six points to 445 points, while the handysize index was up one point at 258 points.
(Reporting by Apeksha Nair in Bengaluru)
