Baltic Index Snaps Winning Streak as Capesize, Panamax Rates Sag
The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, marked its first decline in last six sessions on Tuesday, weighed down by weaker demand for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 21 points, or 1.5 percent, to 1,364 points.
The capesize index snapped its five-day winning streak and dropped 2.7 percent, or 61 points, to 2,183 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, decreased by $477 to $17,077.
The panamax index eased 10 points to 1,454 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined by $81 to $11,626.
The supramax index was up 3 points to 958 points.
Reporting by Brijesh Patel