Baltic Index Falls on Broad Retreat
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth consecutive session on Tuesday, hurt by weaker rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 14 points, or 1 percent, at 1,327 points.
The capesize index lost 37 points, or 1.7 percent, to end at 2,136 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $286 to $16,890.
"Recent momentum in Capesize earnings have slowed on the back of holidays in various countries in the East, while North Atlantic cargo inquiries were largely unchanged," analysts at ship broker Clarksons Platou Securities said.
The panamax index fell 5 points, or 0.4 percent, to 1,271 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $38 to $10,223. The supramax index lost 2 points to end at 1,043 points.
Reporting by Karen Rodrigues
