Baltic index eases as larger vessel rates slip

The Baltic Exchange’s dry bulk sea freight index .BADI eased from a more than one-month peak hit in the last session, as rates across larger vessels slipped on Friday.

* The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 13 points or 0.7% at 1,814 points. However, the index was headed for a monthly gain and has added about 7% so far.

* The capesize index .BACI slipped 20 points, or 0.6%, to 3,099 points but was on its way to its best month since May.

* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes, such as iron ore and coal, decreased $170 to $25,700.

* The panamax index .BPNI slipped 15 points to 1,316 points. The contract was headed for its worst month since May 2023.

* Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain cargo, decreased $132 to $11,843.

* Meanwhile, prices of iron ore futures fell on Friday, weighed by persistently sliding near-term demand and higher stocks in top producer China, but were headed for a second straight week of gains.

* Among smaller vessels, the supramax index .BSIS was down 6 points at 1,306.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore)