Baltic Index Slips on Lower Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Friday for the third straight session, hurt by lower capesize rates.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 32 points or 1.9 percent to 1,676 points.

* The index fell 1 percent this week, the first decline in five weeks, even after hitting a more than four-year high on Tuesday.

* The capesize index fell 106 points or 3.2 percent to 3,197 points. On Wednesday, it hit its highest level since December on Wednesday.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $849 to $23,824.

* The panamax index rose 5 points to 1,588 points. The index climbed higher for the fourth straight week, gaining about 2 percent this week.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $39 to $12,695.

* The supramax index rose 1 point to 1,035 points. 

Reporting by Nallur Sethuraman in Bengaluru