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Baltic index logs weekly gain on higher rates for smaller vessels

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose for the third straight week on higher rates for the panamax and supramax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, inched up 6 points, or 0.3%, to 1,948 on Friday. It recorded a weekly gain of 3.6%.

The capesize index lost 28 points, or 0.9%, to 2,957. The index lost 1.3% this week.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes, such as iron ore and coal, was down $227 at $24,525.

Meanwhile, iron ore futures rose on higher-than-expected hot metal output, although demand concerns and high portside stocks in China pushed prices down for a third straight week.

The panamax index was up 30 points, or about 1.6%, to 1,950 points. It rose 11.4% this week.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, gained $266 to $17,546.

Among smaller vessels, the supramax index climbed 22 point to 1,335. The index snapped a four-week losing streak and recorded a weekly gain of 6.5%.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas)

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