Baltic index posts weekly fall on weakness across vessels

The Baltic Exchange’s main sea freight index fell on Friday and registered a weekly fall, pressured by a drop in rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, fell 23 points, or about 1%, to 2,331.

The index was down 9.6% for the week.

The capesize index lost 23 points, or 1%, to 2,396. The index shed nearly 19.8% this week, its worst drop since May 27.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $186 to $19,875.

Dalian iron ore futures edged higher after a record 10-session slide, but prices in Singapore remained pressured by a gloomy outlook for demand from top steel producer China.

The panamax index fell 37 points, or 1.4%, to 2,695 points, notching a weekly decline of 5.8%.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, decreased by $338 to $24,254.

The supramax index edged down 17 points to 2,449.
Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Amy Caren Daniel)