Baltic index down for seventh session on lower capesize, panamax rates, reports Reuters.
What lead to the fall?
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, extended losses to a seventh straight session on Monday, on weaker capesize and panamax rates.
- The Baltic index, which reflects rates for capesize, panamax and supramax vessels, shed 9 points, or 0.5%, to 1,846.
- The capesize index was down 17 points, or 0.6%, at 3,047, its weakest in almost two weeks.
- The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $86 to $25,031.
- The panamax index fell 21 points, or 1.1%, to 1,819, its lowest since Oct. 8.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, fell $165 to $14,586.
- The supramax index edged 1 point lower to 1,221.
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