Baltic Index Hits Two-week Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday to its lowest in two weeks amid weakness in capesize vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 12 points, or 0.7 percent, to 1,697 points.

The index was down about 1.5 percent for the week.

The capesize index fell 68 points, or 2.1 percent, to hit its lowest since July 19 at 3,164 points.

The capesize index shed over 8 percent for the week, its biggest weekly decline in two months.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, decreased $487 to $23,555.

Meanwhile, the panamax index rose 23 points, or 1.4 percent, to 1,630 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $185 to $13,055.

The supramax index rose 8 points to 1,095 points.

Reporting by Arijit Bose in Bengaluru