Baltic Index Down on Falling Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell Tuesday on lower demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 2 points, or 0.34 percent, at 580 points.
The capesize index fell 24 points, or 2.68 percent, to 873 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $207 at $6,108.
The panamax index was up 2 points, or 0.37 percent, at 548 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $14 to $4,379.
Among smaller vessels, the supramax index rose 4 points to 563 points, while the handysize index rose 3 points to 315 points.
(Reporting by Nithin Prasad in Bengaluru)
