Baltic Index Falls on Weaker Capesize Rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the second straight day on Tuesday due to lower capsize rates.

* The overall index – which factors in rates for capesize, panamax and supramax shipping vessels – fell 54 points, or 3.4 percent, to 1,555 points.

* The capesize index fell 224 points, or 7.4 percent, to 2,792 points. It was the biggest one-day percentage fall since May 25.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $1,701, the biggest one-day drop since May 17, to $22,122.

* The panamax index was up 64 points, or 4.7 percent, to 1,431 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $501 to $11,472.

* The supramax index shed 3 points to 994 points.

Reporting by Kishan Nair in Bengaluru