Baltic Exchange Index Snaps Four-Day Losing Streak
The Baltic Exchange's dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, snapped a four-session losing streak on Friday, buoyed by an uptick in rates across all vessel segments.
* The main index, which factors in rates for capesize, panamax and supramax shipping vessels, added 8 points to 1,643 points. However, the index fell 2% for the week.
* The capesize index gained 6 points to 2,676 points, ending a five-session losing streak, but was down close to 7% for the week.
* Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, rose by $51 to $22,190.
* Iron ore futures drifted lower on Friday and were headed for a weekly loss due to mounting concerns over demand prospects in top consumer China amid an escalating global trade war.
* The panamax index added 18 points to 1,375.
* Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $162 to $12,379.
* Among smaller vessels, the supramax index was up 2 points at 1,012 points — a more than four-month high. The index rose 9% for the week, its second consecutive weekly gain.
(Reuters)