Baltic Index falls as Panamax and Supramax segments log declines

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday, pressured by weak rates across the panamax and supramax vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, dipped 11 points to 1,616 points.

The capesize index rose 2 points to 2,810 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $16 to $23,307.

Dalian iron ore futures prices rose for a third straight session, supported by resilient steel demand and persistent hopes of further economic stimulus in top consumer China.

The panamax index lost 33 points to 1,138 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $294 to $10,242.

Among smaller vessels, the supramax index lost 7 points to 992 points.