Baltic Sea Freight Index Down On Capesize, Panamax Weakness

Nov 15 (Reuters) – The Baltic Exchange’s main sea freight index, which gauges the cost of shipping bulk
commodities such as iron ore, grain, coal and fertiliser, fell for the seventh consecutive day on Friday, pulled down by weak capesize and panamax activity.

The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk vessels, dropped 10 points, or 0.66 percent, at 1,507 points.

• The Baltic’s capesize index fell 20 points, or 0.83 percent, to 2,377 points.
• Average daily earnings for capesizes, which usually transport 150,000-tonne cargoes such as iron ore and coal, were down $337 at $17,809.
• The Baltic’s panamax index shed 29 points, or 2.02 percent, to 1,409 points, hitting its lowest since Sept. 18.
• Average daily earnings for panamaxes, which usually transport 60,000- to 70,000-tonne cargoes of coal or grain,
• lost $237 at $11,255.

“Average Capesize earnings slipped 2 percent yesterday to $18,100 per day. Although there was some strength seen in the Atlantic, rates took a tumble in the Pacific.” analysts at RS Platou Markets said.

(c) 2013 Thomson Reuters, All Rights Reserved

“In the Panamax market, rates also declined on slower cargo flows in the Atlantic.”

(Reporting by Arpan Varghese in Bangalore; Editing by Anthony
Barker)

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