Baltic index snaps four-week winning streak as larger vessel rates dip

The Baltic Exchange’s dry bulk sea freight index snapped its four-week winning streak on Friday as rates declined across larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 12 points, or 0.5%, at 2,483. However, it declined by about 22% for the week.

The capesize index jumped 56 points, or 1.3%, to 4,259. The index fell about 33% for the week.

Average daily earnings for capesizes, which typically transport 150,000-ton cargo such as iron ore and coal, increased $466 to $35,320.

Iron ore futures gained, buoyed by a raft of factors such as robust export data from top consumer China, speculation of economic stimulus and persistently upbeat demand.

The panamax index lost 93 points, or 4.2%, at 2,104. It fell 6% this week, the biggest weekly fall in a month.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tons, decreased $844 to $18,932.

Among smaller vessels, the supramax index was down 17 points, or 1.1%, at 1,521. It was up about 3.3% for the week.
Source: Reuters (Reporting by Hissay Ongmu Bhutia in Bengaluru; Editing by Sohini Goswami)