Baltic Index Down For 3rd Day On Capesize Weakness

Aug 30 (Reuters) – The Baltic Exchange’s main sea freight index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, fell for the third consecutive day on Friday as capesize rates slid further.

* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 4 points or 0.35 percent to 1,132 points. The index has fallen about 3 percent in the past week.

* The Baltic’s capesize index dropped 13 points or 0.58 percent to 2,243 points.

* Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were down $195 at $15,200. The index has fallen about 3 percent in the past week.

* The Baltic’s panamax index, however, rose 3 points or 0.33 percent to 907 points.

* Average daily earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grain, were up $26 at $7,241.

(Reporting by Shrutee Sarkar in Bangalore; editing by Richa Naidu)

(c) 2013 Thomson Reuters

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