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Baltic index slips as capesize rates fall

The Baltic Exchange’s main sea freight index fell on Monday, as a drop in rates for capesize vessels outweighed a rise in other vessel segments.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell seven points, or 0.4%, to 1,551 points.

The capesize index dropped 31 points, or 0.9%, to 3,242 points, marking its fourth-straight session of losses.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $259 to $23,445.

The panamax index gained 12 points, or 0.9%, to 1,359 points, logging its ninth-consecutive session of gains.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $100 to $10,894.

The supramax index rose two points to 837 points, registering its 14th consecutive session of gains.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)

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