Baltic Index Snaps 6-session Losing Streak
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities snapped a six-session losing streak and rose on Friday due to stronger rates for smaller vessels, even as capesize demand fell.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 8 points, or 0.66 percent, at 1,223 points.
The capesize index dipped 11 points, or 0.5 percent, to 2,173 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore and coal, were down $128 at $15,570.
The panamax index was up 40 points, or 2.88 percent, at 1,427 points - the highest level since Dec. 12.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $322 to $11,443.
Among smaller vessels, the supramax index rose 4 points to 886 points, while the handysize index rose 2 points to 547 points.
Reporting by Nithin Prasad
