Baltic Index Down for Seventh Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched lower on Friday as losses in smaller vessel segments were offset by stronger rates for capesizes.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down five points, or 0.5 percent, at 948 points, its lowest since July 31, 2017.
The capesize index gained 15 points, or 1.854 percent, to 824 points, snapping a six session losing streak and moving away from a near nine-month low.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $105 to $7,156.
The panamax index was down 26 points, or 1.936 percent, at 1,317 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $215 to $10,574.
The supramax index fell 10 points to 1,032 points.
Reporting by Nithin Prasad
