Baltic index dips on falling capesize rates

FILE PHOTO: Cargo ships navigate the Panama Canal during an organized media tour by Italy's Salini Impregilo, one of the main sub contractors of the Panama Canal Expansion project, on the outskirts of Colon city, Panama May 11, 2016. REUTERS/Carlos Jasso/File Photo

The Baltic Exchange’s dry bulk sea freight index slipped on Tuesday as weaker capesize rates outweighed gains in smaller vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 27 points, or 1.1%, to 2,392 points.

The capesize index was down by 99 points, or 2.4%, at 3,990.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $818 to $33,093.

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The panamax index .BPNI edged up 8 points, to 2,306 points, its highest level since Dec. 6.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, rose $72 at $20,757.

Among smaller vessels, the supramax index, ticked up by 13 points at 1,351 points.

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Source: Reuters