Aug 19 (Reuters) – The Baltic Exchange’s main sea freight index declined to its lowest level since December 2020 on Friday, pressured by weakness in the larger capesize and panamax vessel segments, which extended their weekly falls.
* The overall index, which factors in rates for capesize, panamax and supramaxshipping vessels, fell 41 points, or 3.1%, to 1,279 points.
* The main index posted a 13.4% weekly fall in its fifth consecutive decline.
* The capesize index shed 111 points, or about 12.8%, at 756 points. It posted a 42.5% weekly fall, its worst in eight months.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $921 at $6,267.
* Dalian and Singapore iron ore futures fell and were set for their steepest weekly drop since mid-July, as concern grew about demand for the steelmaking ingredient in China as its economy sputters.
* The panamax index .BPNI, which has not seen a single day of gains since July 25, lost 61 points, or about 3.5%, at 1,688 points. It posted an 11.5% weekly fall, the most in a month.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $550 to $15,188.
* Chicago wheat consolidated on Friday near a six-month low struck a day earlier, as the market remained capped by sluggish U.S. exports and scope for increased Black Sea shipments. GRA/
* Ukraine’s grain exports are down 51.6% year on year so far in the 2022/23 season, the agriculture ministry said on Friday.
* The supramax index .BSIS gained 37 points to 1,735 points, rising for the sixth consecutive session. It marked its best week in five months.
(Reporting by Harshit Verma in Bengaluru; Editing by Maju Samuel)
(c) Copyright Thomson Reuters 2022.
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