Baltic Index records Worst Week in more than a Month

LONDON : The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, edged higher on Friday but logged its worst week since early-June, weighed down by lower rates across all vessel segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 15 points, or 0.75%, to 2,018 points, though it posted a weekly loss of more than 10%, marking its worst performance since June 16.

The capesize index gained 57 points, or 1.8%, to 3,296, however logged a weekly fall of nearly 14%.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $473 to $27,331.

Iron ore futures prices traded little changed on Friday but were set for weekly losses, as expectations of more stimulus from top consumer China for the struggling property sector faded, dimming demand prospects for the steelmaking ingredient.

The panamax index fell 15 points, or 0.9%, to 1,644, and was down over 10% for the week, marking its worst week since April.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was down by $131 to $14,798.

Among smaller vessels, the supramax index was up 1 point, or 0.08%, to 1,269, marking its second consecutive weekly decline.
Source: Reuters