Baltic index edges lower on weaker panamax, supramax rates

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- The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged lower on Wednesday, pressured by lower rates for panamax and supramax vessel segments.

* The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, shed 3 points or 0.2% to 1,711 points.

* The panamax index .BPNI, fell by 44 points or 2.4%, at 1,772 points, down for the ninth straight session.

* Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased by $394 at $15,947.

* "The immediate release of vessels is due to load in Baltimore is likely a factor,... it will reduce demand for Panamax and larger vessels," shipbroker Allied said in a weekly note dated Tuesday.

* Among smaller vessels, the supramax index .BSIS shed 19 points or 1.5% to 1,284 points.

* Iron ore futures in China eased but were trading higher on a weekly basis as market participants balanced weak demand and hopes for better future consumption. IRONORE/

* The capesize index .BACI gained 43 points, or 1.8%, at 2,437, its lowest level in nearly two months, marking its best day in over two weeks.

* Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $363 to $20,015.

(Reporting by Daksh Grover in Bengaluru; Editing by Ravi Prakash Kumar)


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