Baltic index edges lower on weaker panamax, supramax rates
The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities edged lower on Wednesday, weighed down by softer demand for panamax and supramax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, eased four points, to 1,346 points, its lowest since Sept. 21.
The panamax index slipped 16 points, or 1.3%, to 1,257 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $150 to $11,309.
The capesize index was up four points, at 2,068 points. The index on Wednesday snapped tenth straight sessions of losses.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $30 to $17,151.
Benchmark iron ore futures in China rose on Wednesday, tracking robust physical prices, despite expectations of higher supplies from miners in the coming months.
Among smaller vessels, the supramax index fell one point to 972 points.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Ramakrishnan M.)