Baltic index falls as capesize demand slips
The Baltic Exchange’s main sea freight index fell on Friday weighed by weaker capesize demand, but the index ended the week up 2% on higher rates across the panamax and supramax segments.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped by 17 points, or 1.1%, to 1,558 points, its lowest since Nov. 29.
The index gained 2% this week, registering its second consecutive week of gains.
The capesize index was down 52 points, or 1.6%, at 3,273 points, marking its second straight session of losses.
However the index extended gains for a second week.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $525 to $23,704.
The panamax index rose 11 points, or about 0.8% to 1,347 points, registering its eighth straight session of gains.
The panamax index gained 10% this week, marking its biggest weekly rise since Oct. 11.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $90 to $10,794.
The supramax index edged four points higher to 835 points, registering its 13th consecutive session of gains.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Amy Caren Daniel)