Baltic sea freight index down as capesize rates slump

By: | at 11:50 AM | Maritime  

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for an 11th straight session on Tuesday, mainly driven by a heavy drop in capesize vessel rates.

* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 88 points, or 7.42 percent, to 1,098.

* The Baltic’s capesize index fell 264 points, or 11.5 percent, to 2,029 points.

* Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were down $2,695 at $13,515.

* The panamax index fell 11 points, or 1.35 percent, to 801 points.

* Average daily earnings for panamaxes, which usually carry coal or grains cargoes between 60,000 and 70,000 tonnes, were down $84 at $6,464. (Reporting by NR Sethuraman in Bangalore, editing by David Evans)


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