Baltic index slips on weaker panamax, smaller vessel rates
By Karen Rodrigues – May 5 (Reuters) The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as gains in capesize rates failed to offset lower rates for panamax and smaller vessels.
The overall index, which considers rates for capesize, panamax, supramax and handysizeshipping vessels, declined 10 points, or 1 percent, to 994 points.
The panamax index slipped for the twelfth straight session, losing 25 points, or 2.4 percent, to end at 1,023 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $203 to $8,225.
Among smaller vessels, the supramax index was down 11 points, at 811 points, while the handysize index fell nine points to 523 points.
The capesize index snapped a four-session losing streak and gained 22 points, or 1.5 percent, to end at 1,480 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, climbed $85 to $11,499. (Reporting by Karen Rodrigues in Bengaluru; Editing by Sai Sachin Ravikumar)
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