Baltic index edges down on weaker capesize rates


The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, was marginally down on Wednesday, weighed by weaker rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 5 points, or 0.57 percent, at 865 points.

The capesize index slipped 80 points, or 5.55 percent, to 1,362 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $724 to $10,541.

The panamax index gained 38 points, or 4.39 percent, at 903 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $310 to $7,242.

Among smaller vessels, the supramax index rose 14 points to 679 points, while the handysize index was up 3 points at 427 points.

Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Saumyadeb Chakrabarty)

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