Baltic index drops for eighth-straight session as capesize rates ease
The Baltic Exchange’s main sea freight index fell for an eighth-straight session on Friday, as rates for capesize vessels eased.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 33 points, or 2.4%, to 1,355 — lowest since Nov. 25.
The index declined 13% in the week.
The capesize index slid 143 points, or 5.5%, to 2,455 — lowest since Nov. 21.
The index shed 25% in the week, marking its biggest weekly loss since late March.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $772 to $18,002.
The panamax index was up 8 points, or 0.5%, at 1,467, having risen for a thirteenth-consecutive session.
The index rose 8.9% for the week, registering its fourth-straight week of gains.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $63 to $11,749.
The supramax index fell 12 points to 823.
Source: Reuters (Reporting by Shreyansi Singh in Bengaluru; Editing by Vinay Dwivedi)