Baltic Index falls on lower rates for larger vessels

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday as rates for larger vessels dipped to multi-month lows.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 22 points, or 3.9%, at 541, the lowest since early June 2020.

The capesize index dropped 65 points, or about 17%, to over a five-month low of 317.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $537 to $2,630.

The panamax index fell 18 points, or about 2.1%, to 830, its lowest since June 11, 2020.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $158 at $7,473.

The supramax index posted its best day in nearly six months, up 13 points, or about 2.1%, at 640.

Source: Reuters

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