Baltic Index Down for Eighth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for an eight straight session on Thursday as rates for panamaxes and smaller vessels slipped, even as capesize rates strengthened.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 13 points, or 1.13 percent, at 1,134 points.
The capesize index gained 8 points, or 0.45 percent, at 1,798 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $205 at $13,340.
The panamax index was down 60 points, or 4.55 percent, at 1,260 points, its lowest level in a month.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $475 to $10,125.
Among smaller vessels, the supramax index fell 11 points to 870 points, while the handysize index fell 7 points to 569 points.
Reporting by Nithin Prasad
