Baltic index down for fifth session on rates for larger vessels

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The Baltic Exchange’s main sea freight index on Monday extended its decline for a fifth straight session, pressured by weaker rates for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 110 points, or 4.1%, to 2,571.

The capesize index fell by 224 points, or about 8%, to 2,594 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,857 at $21,516.

The panamax index dropped 104 points, or 3.4%, to 2,944 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $938 to $26,493.

The supramax index lost 22 points to 2,774 points.

Source: Reuters

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