Weak demand for capesize vessels weighs on Baltic index


The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth straight session on Tuesday, weighed down by weaker rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 11 points, or 1.25 percent, at 871 points.

The capesize index slipped 35 points, or 3.39 percent, to 997 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $340 to $8,053.

The panamax index fell 6 points, or 0.56 percent, to 1,062 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $51 to $8,512.

Among smaller vessels, the supramax index was down 4 points at 747 points, while the handysize index rose 2 points to 470 points.

Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Chris Reese)

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