Baltic index edges lower on weak panamax, supramax demand
The Baltic Exchange’s dry bulk sea freight index edged lower on Friday, as a decline in panamax and supramax vessel rates outweighed gains in the capesize segment.
The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 7 points to 2,289.
The index has risen more than 3% this week, after posting two straight week of losses.
The capesize index rose 76 points, or 3.2%, to 2,432.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $632 to $20,167.
Dalian iron ore rose on Friday, and advanced nearly 6% this week as traders returned from New Year holidays feeling optimistic about potential demand recovery in top steel producer China
The panamax index slipped 56 points, or 1.9%, to 2,957.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $507 to $26,610.
The supramax index fell 50 points to its lowest level since April 2021 at 2,074.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Amy Caren Daniel)