Capesize Sector Drags Baltic Index Down Again
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth straight session on Thursday, weighed down by lower rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 18 points, or 2.13 percent, at 829 points.
The capesize index slipped 83 points, or 9.21 percent, to 818 points - its lowest level since Feb. 20.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, declined $618 to $6,646.
"The capesize segment has continued to decline through the week with each new fixture as activity remains muted particularly in the Atlantic," Clarksons Platou Securities analysts said in a note.
The panamax index was up 3 points, or 0.28 percent, at 1,063 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $33 to $8,529.
Among smaller vessels, the supramax index fell 7 points to 735 points, while the handysize index was flat at 470 points.
Reporting by Eileen Soreng
