Baltic index flat as lower panamax rates offset capesize gains

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 main sea freight index, which tracks rates for ships ferrying dry bulk commodities, remained almost flat on Tuesday as lower rates for panamax vessels offset higher demand for capesizes.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 1 point, or 0.1%, to 1,802.

The capesize index rose 26 points, or 0.9%, to 3,078.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $363 to $25,725.

The panamax index dropped for the eleventh straight session, falling 38 points, or 2.3%, to 1,608.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, decreased $299 to $12,907.

The supramax index edged 20 points lower to 1,159.

Source: Reuters



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