Baltic Index hits Two-Week low as Capesize rates falls

LONDON : The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, hit its lowest in over two weeks on Thursday, pressured by a dip in the capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 37 points to 1,941 points. The index dropped to its lowest since Sept. 18.

The capesize index dipped 100 points to 3,299, and touched its lowest in more than one-week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $824 to $27,363.

The panamax index was up 3 points at 1,367.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased $28 to $12,302.

Among smaller vessels, the supramax index dropped 12 points to 1,260.