Baltic index gains; panamax ends worst month in 18
The Baltic Exchange’s main sea freight index gained on Friday as the capesize index hit an over two-month peak, offsetting losses in the panamax segment that posted biggest monthly fall in 18.
The index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 78 points, or 2.4%, to 3,292, the highest since July 12.
The index rose 2.9% for the week, yet ended the month 2.7% lower.
The capesize index jumped 250 points, or 6.2%, to 4,306, its highest since May 13, rising 10% for the week. It ended July 9.5% higher to post its second straight monthly rise.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, added $2,074, to $35,713.
While Asia’s iron ore futures tumbled on Friday, supply concerns pushed stainless steel higher to mark its biggest monthly gain on the Shanghai Futures Exchange since trading of contracts began in 2019.
The panamax index fell 38 points, or 1.1%, to 3,304, its lowest since June 11.
The index fell 6.3% for the week and 19.8% for the month- the most since January last year.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $334 to $29,734.
The supramax index added 17 points to 2,945, rising 2.6% for the week.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Shailesh Kuber)