Baltic index posts fourth straight weekly decline on lower vessel rates
The Baltic Exchange’s main sea freight index fell on Friday, posting a fourth straight weekly decline pressured by lower rates across all vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, fell 14 points, or 1.1%, to 1,283.
The index lost 9.3% this week and was down for the fourth straight week.
The capesize index fell 28 points, or 1.5%, to 1,875, also registering a fourth consecutive weekly fall, down over 17% this week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $231 to $15,550.
The panamax index was down eight points, or 0.6%, to 1,289.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $67 to $11,604.
Among smaller vessels, the supramax index eased nine points to 949.
Source: Reuters (Reporting by Asha Sistla in Bengaluru; Editing by Rashmi Aich)