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Baltic index drifts away from near three-year highs

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a six-day winning streak on Tuesday, weighed down by weaker rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, ended down 11 points, or 0.81 percent, at 1,344 points.

It had touched near three-year highs on Monday.

The capesize index broke a five-session gaining streak to close down 89 points, or 3.16 percent, at 2,724 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $889 to $19,942.

The panamax index was up 35 points, or 2.51 percent, at 1,429 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $285 to $11,477.

Among smaller vessels, the supramax index fell ten points to 908 points, while the handysize index rose four points to 513 points.
Source: Reuters (Reporting by Nithin Prasad in Bengaluru; Editing by Savio D’Souza)

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