Baltic index marks second straight weekly dip on retreat in larger vessels

The Baltic Exchange’s main sea freight index fell on Friday, posting its second straight weekly decline, weighed by a dip in capesize and panamax vessel rates.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 21 points, or 1.9%, to 1,065, its lowest level in more than five weeks.

For the week, the index was down 1.4%.

The capesize index declined 62 points, or 5.7% to 1,032 — its lowest since early March 2023. It was down 12% for the week, marking its second straight weekly fall.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $511 to $8,561.

Iron ore futures were set for a fourth straight weekly rise, aided by China’s new measures to shore up its troubled property sector and boost confidence, although higher stocks and concerns over steel output curbs limited the gains.

The panamax index dropped 25 points, or 1.7%, to 1,478. It was down 2% for the week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $226 at $13,300.

Meanwhile, the supramax index rose 18 points, or 1.9% to 980.
Source: Reuters (Reporting by Daksh Grover in Bengaluru; Editing by Varun H K)