Wednesday: The main index of sea freight by the Baltic Exchange while tracking rates of ships transporting dry commodities in bulk fell for the very 1st time in 5 weeks, most likely hurt by the low rates for panamax and capesize vessels.
The index has been showing recorded gains since last twenty-three continuous sessions from 11 February and now has tumbled 17% so far in this year.
The market of dry bulk is expected as remaining under pressure still for longer with the weak commodity demand, especially from the topmost importer globally, China.
The all-over index factoring in rates for panamax, capesize, supramax as well as handysize vessels of cargo shipping, fell 3 points down to points 393.
The index for capesize fell 7.53% or 14 points down to points 172. The average daily capesize earnings that typically carry 150,000 tonne cargo freight including coal and iron ore, were $177 down to $2,034; whereas the index for panamax fell 1.46% or 7 points down to points 474. Average daily panamax earnings that carry about 60 to 70 thousand tonnes grain or coal cargoes, fell $51 down to $3,808.
However, the index for supramax, in case of smaller vessels, rose 7 points up to points 439, while that for handysize rose 2 points to 257 points.