March 23, 2020 / 3:10 PM / 12 days ago

Baltic index falls to near 1-week low on waning panamax rates

March 23 (Reuters) - The Baltic Exchange’s main sea freight index hit an almost one-week low on Monday, dragged down by weaker demand for panamax and supramax vessels.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dipped 8 points, or 1.3%, to 617. This is its lowest level since March 17.

* The panamax index fell 33 points, or 4.1%, to 774, posting its 11th successive decline.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $291 to $6,968.

* The capesize index was by up by 12 points, at -109, recording its seventh consecutive rise.

* Average daily earnings for capesizes, which typically transport 170,000 tonnes-180,000 tonnes of cargoes, including iron ore and coal, was up $85 to $4,152.

* The supramax index fell 9 points to 732. (Reporting by Nakul Iyer in Bengaluru; editing by Uttaresh.V)

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