Weaker rates for panamaxes, smaller vessels pull Baltic index down

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday as weaker demand for panamaxes and smaller vessels offset higher capesize rates.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 5 points, or 0.34 percent, to 1,481 points.

The panamax index fell 47 points, or 3.1 percent, to 1,468 points, its highest one-day percentage fall since late September.
Average daily earnings for panamaxes, which typically carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down $378 at $11,785.

The capesize index was up 90 points, or 2.76 percent, at 3,349 points, its highest in near three years.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $556 to $22,536.

Among indexes tracking rates for smaller vessels, the supramax index lost 25 points to end at 936 points. Average daily earnings for supramaxes were down $256 at $10,534.

The handysize index shed 6 points and closed at 648 points. Average daily earnings for handysizes were down $100 at $9,454.

Source: Reuters

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