Higher Panamax Rates Prop Up Baltic Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Friday, as a rise in demand for panamax vessels more than offset a drop in capesize rates.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, rose three points, or 0.2 percent, to 1,723 points.

* The index gained about 2 percent for the week.

* The panamax index rose 38 points, or 2.6 percent, to 1,485 points. It was up 10.9 percent for the week, its best in five weeks.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $304 to $11,898.

* The capesize index shed 22 points, or 0.6 percent, to 3,454 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $219 to $25,373.

* The supramax index rose 6 points to 1,056 points.

Reporting by Arijit Bose in Bengaluru