Baltic Index Flat, Rates for Bigger Vessels Fall
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, remained flat on Tuesday despite a fall in rates for the larger vessel segments.
The overall index that factors in the rates for capesize, panamax, supramax and handysize shipping vessels, remained unchanged at 398 points.
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 capesize index shed 11 points or 5.58 percent to 186 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $37 to $1,994.
The panamax index was down four points at 455 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $34 to $3,644.
Among smaller vessels, the supramax index was up four points at 464 points, while the handysize index rose two points to 264 points.
(Reporting by Swati Verma in Bengaluru)
(Reporting by Swati Verma in Bengaluru)
