Baltic index logs weekly gain on sturdy capesize and supramax rates

The Baltic Exchange’s dry bulk sea freight index rose to an over one-month high on Friday and logged a weekly gain, as rates across the capesize and supramax segments pushed higher.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 114 points, or 6.5%, at 1,866 points, its highest since Jan. 9.

The index was up around 16% for the week.

The capesize index gained 355 points, or 12.7%, to 3,145, a more than one-month high. The index was up 28% for the week.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $2,940 to $26,079.

Iron ore futures were set for a sharp weekly drop amid persistent worries about demand in top consumer China, even as prices rebounded on Friday on concerns over possible supply disruption in Brazil due to a train accident.

The panamax index continued its downslide, shedding 29 points, or 1.8%, to 1,595 points, logging a 3% decline over the week.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, was down $258 at $14,357.

Among smaller vessels, the supramax index rose for an eighth straight session, adding 15 points to 1,189 points, and was up 11% for the week.
Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Tasim Zahid)