27-07-2016

Baltic index down on weaker vessel rates

BI

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday on lower rates for capesize, panamax and supramax vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 13 points, or 1.83 percent, at 696 points.

The capesize index was down 36 points, or 4.1 percent, at 841 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $261 at $6,059.

The panamax index was down 22 points, or 2.73 percent, at 784 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $174 to $6,276.

Among smaller vessels, the supramax index was down 7 points to 690 points, while the handysize index rose 4 points to 390 points.

Source: Reuters

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