Higher Panamax Rates Prop Up Baltic Index
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, inched up on Friday on stronger panamax rates, but the index still registered a third consecutive weekly decline.
* The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 6 points, or 0.4 percent, to 1,490 points.
* The index, however, fell 5.6 percent in the week.
* The capesize index lost 13 points, or 0.5 percent, to 2,411 points, falling 11.7 percent for the week.
* This is the index's fifth straight weekly decline.
* However, average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, gained $76 to $18,676.
* The panamax index rose by 12 points, or 0.8 percent, to 1,528 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $98 to $12,249.
* The supramax index shed a point to 1,134 points.
Reporting by Arijit Bose in Bengaluru
