Baltic index slips, but records weekly rise on capesize demand
The Baltic Exchange’s main sea freight index eased on Friday tracking a small retreat in the capesize segment, but was still near a 13-year peak and logged a fourth straight weekly gain on robust dry bulk demand.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell for the first time this week, and dropped 124 points, or 2.2%, to 5,526.
The main index registered a weekly gain of 6.2%, its fourth straight weekly uptick.
The capesize segment decreased by 373 points, or 3.6%, to 10,112, after rising to its highest since August 2008 in the previous session.
The capesize segment was up 11.5% this week and recorded a fourth consecutive weekly gain.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased $3088 to $83,865.
The panamax index, meanwhile, fell 18 points, or 0.5%, to 3,866, its lowest in three-weeks and registered a weekly dip of 3.2%.
Average daily earnings for panamaxes, which ferry 60,000 tonne to 70,000 tonne coal or grain cargoes, decreased $159 to$34,794.
The supramax index rose 13 points to 3,417, and posted a 1% rise for the week.
Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich)