Baltic Index Sags as Rates Slip

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, extended losses for a sixth consecutive session on Friday, on weak demand across all vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, dropped 6 points, or 0.3%, to 1,855. The overall index posted its fifth weekly loss in six, closing 3.6% lower.

The capesize index was down by 17 points, or 0.6%, at 3,064, falling for a sixth straight session. The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, inched lower by $6 to $25,117.

The panamax index dipped by 21 points, or 1.1%, to 1,840, touching an over one-week low. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, dropped $172 to $14,751.

The supramax index edged lower by 2 points to 1,222.

Reporting by Nakul Iyer