Baltic index falls for third week on weaker rates across segments

LONDON : The Baltic Exchange’s dry bulk sea freight index fell on Friday to log its third straight weekly decline, weighed down by a dip in rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 41 points or 2.5% to 1,628 points, its lowest level in seven weeks.

The index was down over 10% for the week.

The capesize index was down by 80 points, or 3.4%, at 2,274. It logged a weekly rise of over 13%.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, was down by $665 at $18,857.

The panamax index fell by 38 points, or about 2.2%, to 1,695 points. The contract was down for the third straight week.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased by $346 to $15,255.

Among smaller vessels, the supramax index shed 12 points, or about 1%, to 1,261 points. The contract was down 5.3% for the week.

Meanwhile, the U.S. Transportation Department on Friday said it reached an agreement with Baltimore County to revise an $8.26 million grant agreement to enable Tradepoint Atlantic (TPA) to accommodate more cargo.

The Dalian Commodity Exchange and the Shanghai Futures Exchange will be closed on April 4 and 5 due to the Tomb-Sweeping Day holiday in China, the bourses said.