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Baltic index posts 3rd straight weekly fall on weakness in smaller vessels

The Baltic Exchange’s main sea freight index extended its slide on Friday and was headed for a straight third weekly loss as rates weakened across smaller vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 22 points to 2,320 points.

The index was down 12% for the week.

The capesize index inched up 2 points to 2,371 but has lost about 19% this week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased by $22 to $19,665.

The panamax index dropped 45 points, or 1.7%, to 2,629 points and has lost about 7.8% in this week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $402 to $23,662.

Iron ore prices fell with the Singapore benchmark headed to a weekly loss on renewed concerns over demand in China, where fresh COVID-19 alerts threaten to derail the economy’s reopening and steel margins have come under pressure.

The supramax index lost 32 points to 2,495.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Aditya Soni)

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