Baltic Index Ends Seven-day Losing Streak
The Baltic Exchange's main sea freight index inched up on Friday, snapping a seven-day losing streak, helped by a slight uptick in capesize and panamax rates.
* The Baltic index, which tracks rates for ships carrying dry bulk commodities, rose 10 points, or 0.6%, to 1,767.
* The index extended its weekly losses, falling for the fourth straight week with a decline of 4.8%.
* The capesize index was up 8 points, or 0.3%, to 3,021. It also posted a fourth straight weekly loss.
* The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased $250 to $23,675.
* The panamax index gained 9 points, or 0.5%, to 1,731, ending thirteen straight sessions of losses.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, climbed $72 to $13,868.
* The supramax index dropped 5 points to 1,199.
(Reporting by Nakul Iyer in Bengaluru)