THE Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell as lack of demand took a toll on rates for most of the vessel segments.
Weak demand lowers ship rates resulting in Baltic sea index declineTHE Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell as lack of demand took a toll on rates for most of the vessel segments.
The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell two points to 596 points, Reuters reported.
The capesize index remained unchanged at 456 points. The average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell US$40 to $4,290.
The panamax index fell two points, or 0.33 per cent, to 597 points. The average daily earnings for panamaxes, which usually carry 60,000- to 70,000-tonne cargoes of coal or grain, fell $16 to $4,778.
The handysize index remained unchanged at 390 points but the supramax index fell one point to 647 points. Handysize and supramax are smaller vessels compared with capesizes and panamaxes.