Lower Capesize Rates Halt Baltic Index Rally
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged lower on Monday for the first time in eight sessions on lower capesize rates.
The overall index - which factors in rates for capesize, panamax and supramax shipping vessels - fell 13 points, or 0.8 percent, to 1,609 points.
The capesize index fell 70 points, or 2.3 percent, to 3,016 points. The index hit its highest since Dec. 21 on Friday. The index rose 42.2 percent last week, the biggest jump since the week ended April 20.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $450 to $23,823.
The panamax index was up 20 points, or 1.5 percent, to 1,367 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $150 to $10,971.
The supramax index shed 2 points to 997 points.
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Anil D'Silva)