Baltic index logs 6th straight week of gains
The Baltic Exchange’s main sea freight index posted its sixth consecutive weekly gain boosted by growth across all vessel segments, but it dipped on Friday due to lower capesize earnings.
The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was down 27 points, or 1.5%, at 1,810, but finished the week 3.2% higher.
The main index has risen for eight of the last nine trading weeks.
The capesize index fell 107 points, or 3.5%, to 2,970, but was up 2.7% this week.
The index climbed for a fifth consecutive week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $884 to $24,631.
Iron ore futures fell on Friday as near-term demand prospects darkened in top steel producer China, which is battling its worst COVID-19 outbreak since March, but concerns over possible supply disruptions in key exporter Australia lent some support.
The panamax index rose 20 points , or 1.2%, to a five-month peak of 1,659 and firmed 2.7% for the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $185 at $14,934.
The supramax index edged up 9 points to 1,142, its highest level in nearly 15 months and strengthened 5.2% this week.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Amy Caren Daniel)