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Baltic index logs sixth straight weekly gain on capesize strength

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The Baltic Exchange’s dry bulk sea freight index edged higher and headed for its sixth consecutive weekly gain on higher rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, increased 0.5%, or 10 points, to 1,945 and up 0.8% for the week.

The capesize index, rose 1.5%, or 49 points, to 3,327, snapping its three-session losing streak. The index stood ticked 0.5% higher this week.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $406 to $27,591.

Iron ore futures were headed for a weekly loss, pressured by worries about near-term demand in China where many steel mills hit by negative margins were seen curbing production.

The panamax index fell 1.6%, or 26 points, to 1,567.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $229 to $14,104.

Among smaller vessels, the supramax index rose by 0.2%, or 2 points, to touch 1,268. It gained 2.8% this week.
Source: Reuters
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