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Freight

Baltic index dips on lower vessel rates

The Baltic Exchange’s main sea freight index weakened on Tuesday as rates dropped across all vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, slipped by 16 points, or 1.3%, to 1,211.

The capesize index lost 35 points, or 2.3%, to 1,487.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell by $289 to $12,332.

The panamax index was down 17 points, or 1.2%, at 1,410, its lowest in a week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined $150 to $12,693.

The supramax index edged down by 2 points to 1,020.
Source: Reuters (Reporting by Bharat Gautam in Bengaluru; Editing by Aditya Soni)

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