Baltic index posts seventh straight weekly gain

The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the seventh week in a row on capesize strength.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 25 points to 2,046, but was up 5.3% for the week.

The capesize index, fell 2.1%, or 77 points, to 3,556. The index, however, registered a 6.9% weekly rise.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, lost $637 to $29,493.

Iron ore futures fell, weighed down by concerns about China’s ailing property market and weaker-than-expected steel production.

The panamax index added 0.2%, or 3 points, at 1,638.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, was up $19 at $14,738.

Among smaller vessels, the supramax index remained unchanged at 1,287. It rose 1.5% this week.
Source: Reuters (Reporting by Tina Parate in Bengaluru; Editing by Shilpi Majumdar)