July 30, 2019 / 12:44 PM / 3 months ago

Weak panamax, supramax rates push Baltic index to over 2-week low

July 30 (Reuters) - The Baltic Exchange’s main sea freight index fell for a sixth straight session to a more than two-week low on Tuesday following weak demand for panamax and supramax vessels.

* The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 1.2%, or 23 points, to 1,899 points, its lowest since July 12.

* The capesize index rose 4 points, or 0.1%, to 3,664 points.

* However, average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, fell $30 to $27,187.

* The panamax index fell 81 points, or nearly 4%, to 1969 points, its lowest in more than two weeks. The index was down for the fifth straight session.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $647 to $15,752.

* The supramax index fell 8 points to 988 points. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Maju Samuel)

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