Baltic index posts losses for fifth straight week
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell on Friday to register its fifth consecutive weekly decline, as softer panamax and supramax rates offset an uptick in capesize demand.
The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 7 points to 1,357.
The index posted losses for the 5th straight week, its longest losing streak in nine months.
The capesize index rose 12 points, or 0.5%, to 2,635 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased $9 to $20,970.
The panamax index dipped 19 points, or 1.7%, to 1,118 points, its lowest in more than four months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $154 to $8,972.
The supramax index dropped 10 points to 735.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru)