Baltic Dry Index logs Weekly Loss on weaker Panamax, Supramax Rates

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which tracks rates for ships carrying dry bulk commodities, dipped on Friday and posted a weekly loss on declining rates for panamax and supramax vessels.

The main index, which monitors rates for capesize, panamax and supramax shipping vessels, lost 1 point, or 0.1%, to 1,340, to register a weekly loss of 3.5%.

The capesize index rose 18 points, or 1%, to 1,990, its highest since May 16. However, the index posted a weekly loss of 1.4%.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, gained $152 to $15,757.

Iron ore futures prices fell and posted weekly losses on persistent property weakness in China as well as slowing demand for the steelmaking ingredient.

The panamax index lost 23 points, or 1.8%, to 1,246 and was down 3.4% for the week.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, receded $201 to $11,218.

Among smaller vessels, the supramax index was down 3 points at 983. But it still registered a third straight weekly gain.

Source: Reuters