Baltic index snaps seven-session winning streak as capesize rates dip

The Baltic Exchange’s main sea freight index snapped a seven-session winning streak on Friday as capesize rates declined, but was up for the second straight week.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, fell 49 points, or 1.5% to $3,218.

The main index was up more than 12% for the week.

The capesize index was down 183 points, or 4.3% at $4,029, also breaking a seven-session winning streak, but gained 20.4% for the week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $1,515 to $33,415.

The panamax index was down 14 points, or 0.4% at $3,544, but gained 7.3% for the week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, fell $125 to $31,897.

The supramax index rose 48 points to $2,802, its highest level on record as per Refinitiv Eikon data available since 2017.
Source: Reuters (Reporting by Nishara Karuvalli Pathikkal in Bengaluru)

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