Baltic index posts first loss in 6 weeks on lacklustre panamax demand
The Baltic Exchange’s main sea freight index fell on Friday, posting its first weekly fall in six weeks, weighed by lower panamax and supramax vessel rates.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, fell 5 points, or 0.8%, to 625.
For the week, the index dipped 1%, its first weekly decline in six.
The panamax index declined 43 points, or 5.1%, to 807, recording its 10th straight fall. The index slipped almost 20% during the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $393 to $7,259.
The capesize index gained 45 points, to -121.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, increased $224 to $4,067.
The supramax index fell 7 points to 741.
Source: Reuters (Reporting by Nakul Iyer in Bengaluru; Editing by Shinjini Ganguli)