Baltic Index Edges Higher on Stronger Capesizes Rates

The Baltic Exchange's main sea freight index, which tracks rates for capesize, panamax and supramax vessels, edged up on Friday on stronger rates for the capesize vessel segment.

The Baltic dry index was up 2 points, or 0.2%, at 1,196.

However, the index lost 6.9% this week, its fifth straight weekly loss.

The capesize index rose 30 points, or 1.8%, to 1,739, but declined about 8.8% for the week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $244 to $14,421.

The panamax index fell 19 points, or 1.6%, to 1,190, and was down about 6.2% this week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $169 to $10,711.

The supramax index shed 11 points to 901.

(Reporting by Asha Sistla in Bengaluru; Editing by Aditya Soni)