Home / Shipping News / Dry Bulk Market / Baltic index logs weekly gain on larger vessel rates

Baltic index logs weekly gain on larger vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose for the second straight week as rates for larger vessel segments increased.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, inched up 12 points, or 0.64%, to 1,881 points on Friday. It recorded a weekly gain of 3.64%.

The capesize index gained 21 points, or 0.71%, to 2,998. It increased 6.31% for the week.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes, such as iron ore and coal, was up $178 at $24,867.

Iron ore futures rose for a second straight session as well, underpinned by easing concerns over demand prospects in China and firming bets for a U.S. Federal Reserve interest rate cut in September.

The panamax index was up 19 points, or about 1.1%, to 1,750 points. The contract snapped a three-week losing streak and rose 3.34% this week.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, gained $169 to $15,752.

Among smaller vessels, the supramax index was down 1 point to 1,254 points, hitting its lowest level since Feb. 28. The index recorded a weekly decline of 1.89%.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas)

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping