Baltic index slips as capesize rates fall
The Baltic Exchange’s main sea freight index fell on Wednesday for a fifth straight session on lower capesize demand, further weighed down by weaker rates across other segments.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 27 points, or 1.1%, to 2,366.
The capesize index dropped 68 points, or 1.4%, to 4,726.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $481 to $35,183.
The panamax index fell 17 points, or 0.8%, to 2,144.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $144 to $17,171.
The supramax index edged down eight points to 1,311.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru)