Baltic Index logs Fifth Weekly Loss on Weaker Rates across all Vessel segments

LONDON : The Baltic Exchange’s dry bulk sea freight index fell on Friday and posted its fifth straight weekly loss, weighed by weaker rates across vessel types.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 10 points to 1,378 points. The index was down about 1.6% for the week.

The capesize index fell 5 points to 1,848 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $36 to $15,329.

Dalian iron ore futures posted weekly gains, even as prices hit one-week lows on Friday as investors weighed a softer global demand outlook against better economic data from top consumer China and prospects of further stimulus from Beijing.

The panamax index lost 5 points to 1,199 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $46 to $10,789.

Among smaller vessels, the supramax index lost 19 points to 1,163 points and recorded a weekly loss of 4.7%.