Declining capesize, panamax rates weigh on Baltic index
The Baltic Exchange’s main sea freight index fell on Wednesday, hurt by lower demand for capesize and panamax vessel segments.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 18 points, or 1.1%, to 1,568.
The capesize index dropped 28 points, or 1.2%, to 2,347.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, were down by $225 at $19,468.
The panamax index fell 41 points, or 2.3%, to 1,757.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $366 to $15,815.
The supramax index inched up 5 points to 954.
Source: Reuters (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Maju Samuel)