Baltic index falls to six-month low on weaker vessel rates

The Baltic Exchange’s main sea freight index slipped to its lowest level in nearly six months on Monday, weighed down by falling rates in all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 13 points, or 1.19 percent, to close at 1,082 points.

That was the lowest level since Aug. 9 last year.

The capesize index fell 37 points, or 2.52 percent, to finish at 1,433 points – its lowest in more than six months.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $178 to $11,189.

The panamax index lost 20 points, or 1.47 percent, to end at 1,339 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $158 to $10,738.

Among smaller vessels, the supramax index shed 7 points to close at 865 points, and the handysize index lost 4 points to finish at 543 points.

Source: Reuters

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