Baltic Index Falls for 13th Straight Session
The Baltic Exchange's main sea freight index declined for a 13th straight session on Friday, weighed down by declining rates across all vessel categories.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, decreased 28 points, or 2.4%, to 1,123, its lowest in over six months. The index has lost over 17% in the week.
The capesize index dropped 18 points, or 0.9%, to 1,958 — its lowest since June 18. The index fell over 20% this week, marking its third straight weekly fall. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, slid $124 to $14,451.
The panamax index declined 64 points, or 5.1%, to 1,201, its lowest since Nov. 28. The index has fallen over 18% this week, marking its biggest weekly decline since the beginning of February. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $517 to $9,612.
The supramax index fell 21 points to 743.
Reporting by Anjishnu Mondal