Weaker capesize rates pull Baltic index down

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday as rates for capesize vessels slid.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 7 points, or 0.84 per cent, at 822 points.

The capesize index lost 65 points, or 7.95 per cent, at 753 points, touching its lowest level since Feb 17.

Capesize dry bulk rates have yet to see a floor with earnings dipping to about US$6,400/day on average as the market remains quiet particularly in the Atlantic basin, according to the Clarksons Platou Securities note.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down US$250 at US$6,396.

The panamax index was down 1 point, or 0.09 per cent, at 1,062 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased US$6 to US$8,523.

Among smaller vessels, the supramax index fell 3 points to 732 points, while the handysize index rose 1 point to 471 points.

REUTERS