Baltic index falls for sixth session on weaker panamax demand


The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell for the sixth straight session on Tuesday, hurt by softer demand for panamax vessels.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 19 points, or 1.1%, to 1,656, its lowest since July 3.

The panamax index dropped 41 points, or 2.8%, to 1,436, falling for the sixteenth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $329 to $11,529.

The supramax index fell 31 points to 974.

The capesize index edged up 29 points, or 1.0%, to 2,975.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $26 to $24,612.

Source: Reuters



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