Baltic Index Inches Up
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched up on Friday on firm rates for panamax and supramax vessels.
- The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 4 points, or 0.33 percent, at 1,201 points.
- The Baltic index, however, posted its first weekly fall in three weeks, falling 0.5 percent.
- The panamax index was up 25 points, or 1.57 percent, at 1,615 points, its highest since Dec. 18.
- Panamax index gained for the fourth straight week, up 7.7 percent.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $197 to $12,960.
- The supramax index rose for the 18th straight session, up 6 points, or 0.58 percent, at 1,032 points.
- The capesize index fell to its lowest in a month, down 10 points, or 0.67 percent, at 1,479 points.
- For the week, the capesize index was down about 7 percent.
- Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $115 to $11,554.
Reporting by Swati Verma in Bengaluru