Baltic index posts fourth weekly loss on dip in smaller vessels

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The Baltic Exchange’s dry bulk sea freight index fell for the 12th straight session on Friday as weakness in the supramax and panamax segments outweighed capesize gains.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 6 points, or about 0.3%, to 2,055 points, its lowest since Feb. 28. The index fell 12.8% over the week.

The capesize index added 27 points, or 1.9%, to 1,444 points, but was down 22.5% for the week.

Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, increased by $226 to $11,979.

The European Union ban on Russian coal imports is likely to keep global coal prices elevated.

The panamax index slipped 1 point to 2,777 points, down almost 10% on the week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $6 to $24,997.

The supramax index dropped 45 points to 2,502 points.

Source: Reuters

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