Baltic Index Down for Third Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 21 points, or about 3 percent to 682 points.
The capesize index also down for the third consecutive session fell 62 points, or 5.55 percent to 1,055 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $582 to $8,309.
The panamax index shed 27 points or about 4 percent, to 640 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $217 at $5,109 on Tuesday.
Among smaller vessels, the supramax index and the handysize index were both up by one point at 583 points and 368 points respectively.
(Reporting by Nithin Prasad in Bengaluru)
