According to a Reuters report, the Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, dipped for a fifth successive session on Wednesday, weighed down by weaker capesize vessel rates.
How did it happen?
- The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down by 44 points, or 3.4%, to 1,260.
- The capesize index dropped 108 points, or 4.3%, to 2,435 points.
- Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $1,208 to $18,606.
- The panamax index rose 11 points, or 1%, to 1,127 points, its biggest percentage gain since Oct. 10.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, inched up by $89 to $9,051.
- The supramax index edged higher by 2 points to 718.
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Source: Reuters
