Weaker capesize demand drags down Baltic index

[LONDON] The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell Wednesday on weaker demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 4 points, or 0.66 per cent, at 604 points.

The capesize index fell 18 points, or 1.77 per cent, to 1,000 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down US$159 at US$7,170.

The panamax index was up 2 points, or 0.37 per cent, at 545 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased US$22 to US$4,356.

Among smaller vessels, the supramax index was flat at 552 points, while the handysize index fell two points to 315 points.

REUTERS