Baltic index extends fall as capesize rates keep slipping
The Baltic Exchange’s main sea freightindex fell for a third straight session on Wednesday, as a slidein capesize rates continued to outweigh gains in the smallervessel segments.
The Baltic dry index, which tracks rates forcapesize,panamax and supramax vessels ferrying dry bulk commodities, fell3 points, or 0.2%, to 1,303, weakest since mid-December lastyear.
The capesize index extended its losing streak to15sessions, falling 74 points, or 5.4%, to 1,296, a low since Dec.9.
Average daily earnings for capesizes, which typicallytransport150,000-tonne cargoes such as iron ore and coal, dipped $610 to$10,749.
The panamax index climbed 57 points, or 3.3%, to1,797,its highest level in nearly six months.
Average daily earnings for panamaxes, which usually carrycoalor grain cargoes of about 60,000 tonnes to 70,000 tonnes, wereup $508 at $16,172.
The supramax index was up 19 points at 1,175, apeaksince late-October, 2019.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru;Editing by Vinay Dwivedi)