Baltic Dry Index Logs Sixth Straight Weekly Fall

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth straight week as demand for the panamax segment remained weak.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 10 points, or 1.7%, at 602 on Friday.

The index, however, was down 3.1% for the week.

The capesize index gained 34 points, or 7.5%, at 486. The index was up about 13.3% for the week, its first weekly gain in six.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $281 at $4,033.

"It's hard to see rates going further south, but with more available tonnage building up we don't see a massive uptick overnight," wrote shipbroker Fearnleys' in a weekly note.

The panamax index was up three points, or 0.4%, at 864. But the index was down 8.1% for the week, marking its sixth straight weekly fall.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $34 at $7,779.

The supramax index fell eight points to 628.

(Reuters - Reporting by Harshit Verma; Editing by Shilpi Majumdar)