Baltic index edges lower as capesize rates slip

cape

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, inched lower on Monday on weaker capesize vessel rates.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 8 points, or 0.4%, to 1,916.

The capesize index dropped 36 points, or 1.1%, to 3,254.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $317 to $26,065.

The panamax index gained 12 points, or 0.6%, to 1,928, posting its seventh consecutive gain.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $100 to $15,455.

The supramax index was up 5 points at 1,223.

Source: Reuters

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