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Baltic index down for sixth straight session on sliding panamax rates

Baltic-index-down-for-sixth-straight-session-on-sliding-panamax-rates-4240.jpg      Baltic index down for sixth straight session on sliding panamax rates


The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, posted its sixth consecutive fall on Wednesday, hurt by declining demand for the panamax vessel segment.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell marginally by 6 points, or 0.33%, to 1,803, its lowest since mid-August.

The panamax index dropped for a twelfth straight session, down 20 points, or 1.15%, at 1,725. The index is at its lowest since July 8.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined by $154 to $13,819.

The capesize index was down 1 point at 3,231, its lowest since Aug. 9.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $109 to $24,430.

The supramax index declined 14 points to 1,217.

Source: Reuters (Reporting by Nakul Iyer in Bengaluru)

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