Baltic sea freight index down on fall in panamax activity

By: | at 11:30 AM | Maritime  

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the fifth consecutive session on Monday, on lower panamax rates.

* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 11 points to 1,362.

* The Baltic’s capesize index rose 16 points, or 0.63 percent, to 2,573 points.

* Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were up $268 to $19,479.

* The panamax index dropped 36 points, or 3.68 percent, to 942 points.

* Average daily earnings for panamaxes, which usually carry coal or grains cargoes between 60,000 and 70,000 tonnes, were down $288 at $7,600.

* Dry bulk continues to move in different directions, with iron ore supporting capesize rates while weak grains trading is keeping panamax rates at sub-$8,000 a day, GHS Securities analyst Omar Nokta said.


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