Baltic Index Retreats on Lower Capesize Rates
The Baltic Exchange's main sea freight index, which tracks rates for capesize, panamax and supramax vessels, fell on Wednesday, pulled down by decreasing rates of capesize vessels.
The Baltic index fell 29 points, or 2.1%, to 1,384.
The capesize index slipped 88 points, or 3.9%, to 2,156.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $725 to $17,881.
The panamax index inched up 5 points, or 0.4%, to 1,300.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $47 to $11,700.
Among smaller vessels, the supramax index eased 6 points to 962.
(Reporting by Sumita Layek; Editing by Ramakrishnan M.)