Baltic index logs sixth straight weekly fall

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 10 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, fell for the sixth straight week as demand for the panamax segment remained weak.


* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 10 points, or 1.7%, at 602 on Friday.
* The index, however, was down 3.1% for the week.
* The capesize index gained 34 points, or 7.5%, at 486. The index was up about 13.3% for the week, its first weekly gain in six.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $281 at $4,033.
* "It's hard to see rates going further south, but with more available tonnage building up we don't see a massive uptick overnight," wrote shipbroker Fearnleys' in a weekly note.
* The panamax index was up three points, or 0.4%, at 864. But the index was down 8.1% for the week, marking its sixth straight weekly fall.
* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $34 at $7,779.
* The supramax index fell eight points to 628. (Reporting by Harshit Verma in Bengaluru; Editing by Shilpi Majumdar)

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