16-06-2016

Weaker capesize demand drags down Baltic index

BI

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell Wednesday on weaker demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 4 points, or 0.66 percent, at 604 points.

The capesize index fell 18 points, or 1.77 percent, to 1,000 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $159 at $7,170.

The panamax index was up 2 points, or 0.37 percent, at 545 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $22 to $4,356.

Among smaller vessels, the supramax index was flat at 552 points, while the handysize index fell two points to 315 points.

Source: Reuters

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