Baltic index flat as capesize gains offset dip in other vessels
The Baltic Exchange’s main sea freight index was nearly flat on Friday, as capesize rates gained for the first time in twelve sessions countering a fall in rates of other vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down two points, or 0.2%, at 1,267 points.
The capesize index gained 21 points, or 1.2%, at 1,839 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $173 at $15,248.
Optimism over recovery in global steel demand lifted benchmark iron ore futures on China’s Dalian Commodity Exchange.
The panamax index was down 24 points, or 1.8%, at 1,313 points. This marked its fourth straight weekly fall.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $219 to $11,817.
Among smaller vessels, the supramax index fell six points to 917 points, while the handysize index fell two points to 560 points.
Source: Reuters (Reporting by Harshith Aranya in Bengaluru; Editing by Shailesh Kuber)