Baltic index down on falling rates for bigger vessels

By: | at 09:50 AM | Maritime  

The Baltic Exchange’s main sea freight index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell on Monday as bigger vessels continued to slide.

* The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, dropped 117 points, or 7.74 percent, to 1,395 points.

* The Baltic’s capesize index dropped 11.61 percent, shedding 244 points to 1,857.

* Average daily earnings for capesizes, which usually transport 150,000-tonne cargoes such as iron ore and coal, slipped $3,841 to $13,611.

* The Baltic’s panamax index was down 23 points, or 1.42 percent, at 1,598 points.

* Average daily earnings for panamaxes, which usually transport 60,000- to 70,000-tonne cargoes of coal or grain, fell $187 to $12,734. (Reporting by Shrutee Sarkar in Bangalore; Editing by Dale Hudson)


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