Baltic Index logs weekly gain on rising rates across vessel segments

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which tracks rates for vessels transporting dry commodities, rose on Friday to log a weekly gain on rising rates across vessel segments.

* The main index BBDI, which monitors rates for capesize, panamax and supramax shipping vessels, was up 64 points, or 3.4%, at 1,968, its highest since October 2. The contract logged a weekly gain of 20%.

* The capesize index (.BACI) gained 167 points, or 4.7%, to 3,722, its highest level since July 2 and a weekly gain of 31%.

* Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, added $1,385 to $30,866.

* Iron ore futures extended their decline for a second straight session and were set to log a weekly loss, as U.S. President Donald Trump’s plan to impose a 50% tariff on an additional range of “steel derivative products” weighed.

* The panamax index (.BPNI) firmed 26 points, or 1.9%, to 1,401, a more than two-month high. It ended the week 12% higher.

* Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, rose $234 to $12,610.

* Among smaller vessels, the supramax index (.BSIS) was up 3 points at 936, a more than one-week high.

Source: Reuters