Baltic index snaps streak of 7 consecutive weekly gains

The Baltic Exchange’s main sea freight index was unchanged on Friday, as gains in panamax and supramax vessel rates offset losses in capesize rates, although it was set for its first weekly decline in eight.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was flat at 1,810. For the week, the index shed 4.4%.

The Baltic capesize index lost 53 points, or 1.6%, to 3,333 and dropped 23.7% this week.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, was down by $437 at $27,664.

But rising iron ore demand from China, following an easing of months-long coronavirus-led lockdowns, has helped the capesize index gain more than 70% so far this year.

The panamax index rose 1.9%, or 30 points, to 1,587. The index registered its eighth straight weekly gain and posted a jump of 20.6% for this week so far.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $275 to $14,286.

The supramax index rose 26 points, or 3.2%, to 835.
Source: Reuters (Reporting by Diptendu Lahiri in Bengaluru; editing by Uttaresh.V)

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