Baltic index falls for seventh straight week

LONDON : The Baltic Exchange’s main sea freight index edged higher on Friday but declined for the seventh straight week on lower demand for larger vessels, while the capesize segment marked its worst weekly drop in nearly six months.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 8 points, or about 1.5%, at 538.

The index, however, was down 10.6% for the week.

The capesize index fell 4 points, or about 1.5%, to 271 — its lowest since early June 2020. It was down more than 44% for the week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $34 to $2,246.

The panamax index fell 7 points, or about 0.9%, to 811. It was down 6.1% for the week, marking its seventh straight weekly fall.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $56 at $7,302.

The supramax index rose 35 points, or 5.3%, to 695, on its best day in over a year.