Baltic set for first weekly gain in five on strong capesize demand

LONDON : The Baltic Exchange’s main sea freight index marked its first weekly gain in five on Friday, helped by higher rates for capesize vessel segment.

* The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, fell 1 point, or 0.1%, to 1,691.

* The capesize index .BACI lost 5 points, or about 0.2%, to 2,537. However, the index logged a second straight weekly gain.

* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes, such as iron ore and coal, decreased $47 to $21,037.

* Iron ore futures fell for a fifth straight session, heading for a second weekly loss, with bearish sentiment prevailing after weaker-than-expected steel prices in top consumer China hurt the demand outlook.

* The panamax index .BPNI lost 2 points, or 0.1%, to 1,552, down for 14 straight sessions. The index logged a third straight weekly loss.

* Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $19 to $13,970.

* Among smaller vessels, the supramax index .BSIS was up 4 points, or 0.3%, at 1,304.