Baltic index falls on weaker rates across vessels
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, extended its losses for the ninth consecutive session on Tuesday due to lower demand across vessel segments.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 28 points, or 1.2%, to 2,283 points.
The capesize index dropped 82 points, or 1.8%, to 4,456 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined $618 to $33,383.
The panamax index fell 12 points, or 0.6%, to 2,121 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $100 to $16,977.
The supramax index inched down 2 points to 1,292.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru)