27-05-2016

Lower rates for large vessels drag down Baltic index

BI

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday dragged down by lower demand for larger vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down four points, or 0.66 percent, at 601 points.

The capesize index lost six points, or 0.75 percent, at 793 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $106 to $6,175.

The panamax index was down 10 points, or 1.68 percent, at 586 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $84 to $4,683.

Among smaller vessels, the supramax index rose four points to 575 points, while the handysize index rose one point to 347 points.

Source: Reuters

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