Baltic index ends eight-session winning run as capesize, panamax rates weaken
The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities fell on Thursday, ending an eight-session winning streak, weighed down by lower rates for capesize and panamax vessels.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was down 64 points, or 3.5%, at 1,792.
The capesize index dropped 182 points, or 5.7%, to 3,012.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,510 at $24,979.
The panamax index fell 27 points, or 1.6%, to 1,618.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $240 to $14,562.
The supramax index rose 13 points to 1,080, its highest level in 14 months.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Vinay Dwivedi)