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Transportation

Baltic index falls on lower capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday as capesize rates slumped.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 74 points, or 3.6%, at 1,970 points.

The capesize index lost 236 points, or 5.8%, to 3,799 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,958 at $31,507.

The panamax index was up 18 points, or 1.3%, at 1,428 points, rising for a fifth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $158 to $12,852.

Among smaller vessels, the supramax index edged down one point to 984, while the handysize index inched up one point to 594 points.
Source: Reuters (Reporting by Diptendu Lahiri in Bengaluru; Editing by Aditya Soni)

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