October 17, 2019 / 1:37 PM / 2 months ago

Baltic index drops for fifth session on slowing vessel activity

Oct 17 (Reuters) - The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, slipped for a fifth straight session on Thursday, as dim demand across all vessel segments continued to weigh on the index.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, dropped 36 points, or 1.9%, to 1,861.

* The capesize index fell 113 points, or 3.5%, to 3,081, touching a one-week low.

* The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, declined by $715 to $25,123.

* The panamax index fell for a third straight session, shedding 27 points, or 1.4%, to 1,861.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, dropped $209 to $14,923.

* The supramax index edged lower by 2 points to 1,224. (Reporting by Nakul Iyer in Bengaluru; Editing by Shailesh Kuber)

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