January 29, 2020 / 2:05 PM / 23 days ago

Baltic index falls to over 3-year low as vessel rates drop

Jan 29 (Reuters) - The Baltic Exchange’s main sea freight index fell for the 9th consecutive session on Wednesday, as vessel rates fell across segments.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels to ferry dry bulk commodities, fell 14 points, or 2.6%, to 525 — its lowest level in over 3 years.

* The capesize index dropped 36 points, or 27.9%, to a near 10-month low of 93, falling for a 34th consecutive session.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, dropped $144 to $4,487.

* The panamax index declined 24 points, or 3.7%, to near 1-year low of 627, registering its 8th straight session of losses.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $213 to $5,648.

* The supramax index shed 5 points to 533. (Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)

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