Baltic dry bulk index logs best week in more than two months

LONDON : The Baltic Exchange’s main sea freight index marked its best week in more than two months on Friday, despite a daily decline attributed to weakness in capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, dropped 37 points, or 1.7%, to 2,129.

The index was up more than 13% this week, logging its best week since March 1.

The capesize index dipped 113 points, or 3.3%, to 3,292 points. The segment posted weekly gain of over 23% this week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, decreased $937 to $27,301.

Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports and caution about demand outlook. However, property support measures in China lent some support.

The panamax index edged up by 6 points to 2,026. The contract was up for the second week straight.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, added $50 to $18,230.

Among smaller vessels, the supramax index ticked down to 1,485, recording a weekly rise of 1.9%.