Baltic Index Drops as Capesize Rates Ease
The Baltic Exchange's main sea freight index fell for an eighth-straight session on Friday, as rates for capesize vessels eased.
* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 33 points, or 2.4%, to 1,355 — lowest since Nov. 25.
* The index declined 13% in the week.
* The capesize index slid 143 points, or 5.5%, to 2,455 — lowest since Nov. 21.
* The index shed 25% in the week, marking its biggest weekly loss since late March.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $772 to $18,002.
* The panamax index was up 8 points, or 0.5%, at 1,467, having risen for a thirteenth-consecutive session.
* The index rose 8.9% for the week, registering its fourth-straight week of gains.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $63 to $11,749.
* The supramax index fell 12 points to 823.
(Reporting by Shreyansi Singh in Bengaluru; Editing by Vinay Dwivedi)