Baltic index hits two-week low as rates for smaller vessels ease

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 10 points, or 0.7%, at 1,388 points, its lowest since Jan. 18.

The capesize index added 33 points, or 1.8%, at 1,924 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $273 to $15,953.

U.S. thermal coal exporters earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-polluting power fuel, data from ship-tracking firm Kpler shows.

The panamax index fell 69 points, or 4.4%, to a two-week low of 1,497 points.

Average daily earnings for panamax vessels, which usually carry about 60,000 tons to 70,000 tons of coal or grain cargo, were down by $622 at $13,471.

Thailand expects to export 7.5 million metric tons of rice in 2024, down 14.38% year-on-year, due to lower production and increased competition, the commerce ministry said.

Among smaller vessels, the supramax index was down 7 points at 1,048 points, its worst session in two weeks.