Baltic Index Slips on Lower Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, edged lower on Friday, weighed down by lower capesize vessel rates, while the main index posted its first weekly rise in five.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 5 points, or 0.26%, to 1,924.

The capesize index dropped 29 points, or 0.87%, to 3,290, while the index recorded its first gain in five weeks. The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, dipped $265 to $26,382.

The panamax index climbed for the sixth straight session, rising 17 points, or 0.90%, to 1,916. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $135 to $15,355.

The supramax index rose 7 points to 1,218.

Reporting by Nakul Iyer