Baltic Index Dips on Weakened Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, fell on Monday, hurt by weaker demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 6 points, or 0.4 percent, to 1,530 points.
The capesize index lost 39 points, or 1.9 percent, to 2,042 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $334 at $17,692.
The panamax index rose 22 points, or 1.3 percent, to 1,749 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $180 to $14,029.
The supramax index gained 4 points to 1,201 points.
(Reporting by Brijesh Patel; Editing by Shounak Dasgupta)