Panamax Rates Drag Baltic Index Down
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched lower on Friday, weighed down by weaker demand for panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 9 points, or 0.96 percent, to 933 points.
The capesize index rose by a point to 1,139 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $97 at $9,098.
The panamax index shed 37 points, or 3.23 percent, to 1,109 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $294 to $8,880.
Among smaller vessels, the supramax index fell 9 points to 789 points, while the handysize index was down 2 points at 498 points.
Reporting by Eileen Soreng
