Baltic index hits over two-week low as capesize rates fall

LONDON : The Baltic Exchange’s main sea freight index fell on Monday, to touch its lowest in more than two weeks led by a dip in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 21 points to 1,907 points. The index hit its lowest since Sept. 18.

The capesize index declined for a sixth straight session and dipped 82 points to 3,161 points, marking its lowest since mid-September.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $684 to $26,213.

The panamax index was up 27 points at 1,415.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased $237 to $12,733.

Among smaller vessels, the supramax index dropped 1 points to 1,257.