Baltic Index logs worst Week in more than two months

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which tracks rates for vessels transporting dry commodities, fell on Friday to log its worst week since early-April, weighed down by lower rates for capesize and panamax vessels.

The main index, which monitors rates for capesize, panamax and supramax shipping vessels, was down 62 points, or 3.5%, at 1,689, its lowest level since June 10. The index logged its worst week since April 7 and was down 11% for the week.

The capesize index lost 199 points, or about 6.5%, to 2,879, its lowest level since June 6. The index logged a weekly loss of 17.3%.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,645 to $23,879.

Prices of Dalian iron ore futures rose on Friday, but held nearly flat for the week as investors weighed resilient demand for the steelmaking ingredient in top consumer China against a persistent slump in the country’s property market.

The panamax index fell 3 points, or 0.2%, to 1,350, its lowest level in over a week. It ended the week 3.4% lower.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $23 to $12,151.

Among smaller vessels, the supramax index gained 10 points to 973.

Source: Reuters