Baltic index records worst day in over 2 months on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday to post its worst fall in more than two months, hurt by declining capesize rates.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 85 points, or 4.5%, at 1,807 points, its biggest percentage dip since July 24.

The capesize index lost 259 points, or 7.3%, at 3,296 points, registering a fourth straight session fall.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $2,146 to $27,333.

The panamax index was up four points, or 0.3%, at 1,443 points, gaining for the seventh straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $36 to $12,986.

Among smaller vessels, the supramax index was flat at 982 points, while the handysize index rose one point to 596 points.
Source: Reuters (Reporting by Diptendu Lahiri in Bengaluru; Editing by Ramakrishnan M.)