Baltic Index Dips as Panamax Rates Slide

The Baltic Exchange's main sea freight index fell to a more than two-week low on Monday, weighed down by weaker rates for panamax vessels.

The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 0.8%, or 15 points, to 1,922 points, its lowest since July 12. Nevertheless, the capesize index rose 13 points, or 0.4%, to 3,660 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $72 to $27,217.

The panamax index fell 59 points, or nearly 3%, to its lowest in two weeks at 2,050 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $470 to $16,399.

The supramax index fell 9 points to 996 points.

Reporting by Eileen Soreng