Panamax, Supramax Rates Drag Baltic Index
The Baltic Exchange's main sea freight index fell for a sixth straight session to a more than two-week low on Tuesday following weak demand for panamax and supramax vessels.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 1.2%, or 23 points, to 1,899 points, its lowest since July 12.
The capesize index rose 4 points, or 0.1%, to 3,664 points. However, average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $30 to $27,187.
The panamax index fell 81 points, or nearly 4%, to 1969 points, its lowest in more than two weeks. The index was down for the fifth straight session. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $647 to $15,752.
The supramax index fell 8 points to 988 points.
Reporting by K. Sathya Narayanan