Weaker Rates Weigh on Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday as rates continued to slip across vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell for the twelfth straight session and was down 30 points, or 2.9 percent, to close at 1,004 points.
The capesize index lost 84 points, or 5.45 percent, at 1,458 point, its lowest in nearly a month.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $426 to $11,414.
The panamax index also fell for the eleventh straight session and was down 48 points, or 4.38 percent, to end at 1,048 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $378 to $8,428.
Among smaller vessels, the supramax index was down 13 points, at 822 points, while the handysize index fell eight points to 532 points.
(Reporting by Nithin Prasad in Bengaluru)
