Baltic Index falls on lower rates for larger vessels


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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