Baltic index logs fourth straight weekly rise

The Baltic Exchange’s main sea freight index dipped on Friday on weaker demand for capesize and panamax vessels, although gained for a fourth consecutive week.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 25 points, or about 1.6%, at 1,535.

The index, however, was up 7.8% for the week.

The capesize index fell 63 points, or about 3.2%, to 1,913, although gained 9.7% for the week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $520 to $15,867.

The panamax index was down 23 points, or about 1.3%, at 1,723 — its biggest daily percentage fall since Feb. 16.

But the index gained 4.2% for the week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $207 to $15,509.

Among smaller vessels, the supramax index rose 6 points to 1,318. It was up 9% for the week.
Source: Reuters