Baltic index dips on weaker capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the seventh-straight session on Thursday, pulled down by lower rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 14 points, or 0.94 percent, to close at 1,482 points.

The capesize index dipped 78 points, or 2.49 percent, to 3,059 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $549 to $20,768.

The panamax index climbed 36 points, or 2.4 percent, at 1,539 points.

Average daily earnings for panamaxes, which typically carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $279 to $12,368.

Among indexes tracking rates for smaller vessels, the supramax index fell 16 points to close at 1,027 points. The handysize index shed 5 points to finish at 668 points.

Source: Reuters

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