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Baltic index down on dim vessel demand

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·1 min read
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March 24 (Reuters) - The Baltic Exchange's main sea freight index fell on Tuesday, recording its steepest fall in over a month on lower rates across all vessel segments.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 14 points, or 2.3%, to 603, its biggest daily percentage decline since Feb. 7.

* The panamax index declined by 28 points, or 3.6%, to 746, its 12th successive fall.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $254 to $6,714.

* The capesize index dipped by a point, to -110, ending a seven-session gain streak.

* Iron ore producer Rio Tinto was the latest among other miners across the world that said it would move to slow down operations in response to the rapidly spreading COVID-19 epidemic.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, were down by $50 at $4,102.

* The supramax index fell 12 points to 720. (Reporting by Nakul Iyer in Bengaluru)