Softer Panamax Rates Drag Down Baltic Index Slightly

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged down slightly on Monday as rates for panamax vessels fell.

The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, fell one point, or 0.19 percent, to 512 points.

The panamax index, which tracks vessels usually carrying coal or grain cargoes of about 60,000 to 70,000 tonnes, fell 2 points, or 0.39 percent, to 512 points. Average daily earnings for panamaxes were down $13 to $4,097.

The capesize index rose one point to 543. Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, rose $23 to $5,357.

The supramax index was up 2 points at 492 points while the handysize index fell 4 points to 266 points.

Reporting By Nallur Sethuraman in Bengaluru