October 23, 2019 / 1:21 PM / a month ago

Waning demand across vessels drags Baltic index to over 2-week low

Oct 23 (Reuters) - The Baltic Exchange’s main sea freight index fell for a ninth straight session on Wednesday to a two-week low, hurt by weaker demand across vessel segments.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 27 points, or 1.5%, to 1,779, its lowest in over two weeks.

* The capesize index slipped 71 points, or 2.4%, to 2,873, its lowest in more than three months.

* The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $463 to $23,740.

* The panamax index dropped 25 points, or 1.4%, to 1,770.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, fell $194 to $14,194.

* The supramax index edged 7 points lower to 1,210. (Reporting by Shreyansi Singh in Bengaluru;)

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