Baltic Index Sags for 5th Consecutive Session
The Baltic Exchange's main sea freight index fell for a fifth straight session on Tuesday, weighed down by softer demand for capesize vessels.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 23 points, or 1.5%, to 1,528 points.
The capesize index fell 75 points, or 2.3%, to 3,167 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, dropped $793 to $22,652.
The panamax index gained 36 points, or 2.6%, to 1,395 points, registering its tenth consecutive session of gains. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $284 to $11,178.
The supramax index edged up one point to 838 points, its highest in over a month
Reporting by Anjishnu Mondal