Baltic index slips on falling capesize, panamax rates

The Baltic Exchange's main sea freight index fell on Thursday, hurt by declining rates for capesize and panamax vessels.

 

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, fell 50 points, or 3.5%, to 1,395, its lowest since Aug. 3.

 

The capesize index dropped by 108 points, or 5.1%, to 2,019, its lowest since July 28.

 

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, declined $890 to $16,748.

 

The panamax index was down 53 points, or 3.4%, at 1,515.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $478 at $13,635.

 

The supramax index inched down by a point to 958.

 

Source:Reuters

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