Baltic index dips as vessel rates fall

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The Baltic Exchange’s main sea freight index edged lower on Monday, pressured by weaker rates for all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 73 points, or 2.8%, to 2,560 points.

The capesize index fell 170 points, or about 5.8%, to 2,757 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,408 at $22,866.

The panamax index dropped 10 points, or 0.4%, to 2,841 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $90 to $25,573.

The supramax index lost 43 points to 2,660 points.

Source: Reuters