Baltic Dry Index Edges up on Improved Rates for Smaller Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, marginally rose on Friday on improved rates for smaller vessels.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose for the sixth consecutive session by 2 points or 0.64 percent to 315 points.
The index touched an all-time low of 290 points on Feb. 10, marking the lowest level since records began in 1985.
The dry bulk market is expected to remain under pressure as a gloomy outlook for global demand persists.
The capesize index slipped 13 points, or 5.91 percent to 207 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dropped $130 to $2,642.
The panamax index slipped 3 points, or 0.84 percent, to 355 points. Average daily earnings for panamaxes fell $30 to$2,844.
Among smaller vessels, the supramax index rose 16 points to 286 points, while the handysize index was up 5 points at 198 points.
(Reporting by Nithin Prasad in Bengaluru)
(Reporting by Nithin Prasad in Bengaluru)
