Baltic index nudges up, but registers fall for third straight week
The Baltic Exchange’s main sea freight index, which tracks rates for capesize, panamax and supramax vessels, rose on Friday, buoyed by an uptick in demand for capesize and panamax vessels.
The Baltic index rose 14 points, or 1%, to 1,415.
However, the index registered a 4.2% weekly loss, marking its third straight weekly decline.
The capesize index gained 26 points at 2,261, but registered a more than 6% weekly fall.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $212 to $18,749.
Chinese iron ore futures closed lower on Friday and logged their second straight weekly loss, as rising portside inventories hurt prices.
The panamax index gained 19 points, or 1.5%, to 1,274.
The index fell 3.7% this week, its second consecutive weekly dip.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $175 to $11,469.
Among smaller vessels, the supramax index was unchanged at 972.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Shailesh Kuber)