Baltic Index Edges Down on Lower Capesize, Panamax Rates

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, inched down on Friday, weighed down by lower rates for capesize and panamax vessels.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 3 points, or 0.2 percent, at 1,691 points.

* The index marked its biggest weekly decline in seven weeks, having fallen about 4.6 percent for the week.

* The panamax index was down 10 points, or 0.7 percent, at 1,339 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $78 to $10,724.

* The capesize index rose 8 points, or 0.2 percent, at 3,480 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were down $46 to $25,621.

* The supramax index rose 3 points to 1,039 points. 

Reporting by Vijaykumar Vedala in Bengaluru