Higher Panamax and supramax rates boost Baltic index

The Baltic Exchange's main sea freight index rose for a fourth straight session on Friday, supported by gains in the Panamax and Supramax segments.

The main index added five points, or 0.25 per cent, to 2,044 points, but logged a weekly loss of 0.3 per cent.

The Capesize index was down nine points, or 0.27 per cent, at 3,295, registering a weekly loss of 1.4 per cent. Average daily earnings for Capesize vessels fell $81 to $27,323.

Dalian iron ore futures fell to post a weekly loss, as weak property demand and low outdoor construction activity weighed on steel demand.

The Panamax index gained 19 points, or 1.2 per cent, to 1,622. The index snapped a five-session losing streak in the previous session and posted a weekly loss of 0.8 per cent. Average daily earnings for Panamax vessels, rose $176 to $14,601.

Among smaller vessels, the supramax index gained eight points, or 0.60 per cent, to 1,353, for a weekly gain of 2.5 per cent.

(Reporting by Ishaan Arora in Bengaluru; Editing by Sahal Muhammed)