Baltic Index Down on Lower Capesize, Panamax Rates
The Baltic Exchange's main sea freight index fell for the second straight session on Tuesday, hurt by softer demand for the capesize and panamax vessel segments.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 0.4%, or 8 points, to 2,059 points.
The capesize index slipped 63 points, or 1.7%, to 3,665 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $290 to $28,591.
The panamax index eased 13 points, or 0.6%, to 2,161 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $103 to $17,299.
The supramax index rose 20 points to 1,161 points.
Reporting by Shreyansi Singh