Baltic Index Edges Higher on Firmer Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, rose for the second straight session on Friday, boosted by stronger capesize demand.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 11 points, or 1.1 percent, to 1,031 points. However, the index has declined for the fourth consecutive week, and has lost nearly 30 percent in the last two weeks.
The capesize index rose 5 percent, or 50 points, to 1,057 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased $346 to $8,804.
The panamax index lost 13 points, or 0.9 percent, to 1,453 points, its lowest since Aug. 16. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $109 to $11,622.
The supramax index eased 1 point to 969 points.
Reporting by Brijesh Patel