Baltic index down as rates for bigger vessels remain weak

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Monday, pulled down by weaker activity in panamax and capesize vessels.
* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 5 points or 0.59 percent to 836 points.
* The Baltic's panamax index dropped 13 points or 1.4 percent to 917 points.
* Average daily earnings for panamaxes, which usually carry 60,000 to 70,000 tonne cargoes of coal or grains, were down $102 to $7,316.
* The capesize index fell 9 points, or 0.68 percent, to 1,317 points on Monday.
* Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, were down $115 to $5,053.
* "Coal and grain cargoes continue to keep Atlantic rates at a premium in the Panamax and Supramax markets, but modest new cargo enquiry and an ample ship supply have pressured rates," Deutsche Bank analyst Justin Yagerman said in a note.
* Average daily earnings for handysize ships were up $27 to $8,192, and those for supramax ships up $5 to $8,907.
Source: Reuters