Baltic index dips on sluggish capesize demand

The Baltic Exchange’s main sea freight index declined on Thursday as rates for capesize vessels fell, offsetting gains in other vessel categories.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell 24 points, or 1.5%, to 1,575 points.

The capesize index was down by 57 points, or 1.7%, to 3,325 points, ending a nine-day gaining streak.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $687 to $24,229.

The panamax index rose 10 points, or 0.8%, to 1,336 points, logging its seventh-straight session of gains.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $77 to $10,704.

The supramax index edged up three points to 831 points, registering its twelfth consecutive session of gains.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)