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Baltic Dry Index Marks First Weekly Decline in Five

Reuters
Total Views: 1462
March 24, 2023
Reuters

March 24 (Reuters) – The Baltic Exchange’s main sea freight index edged higher on Friday on stronger demand in the larger capesize vessel segment, although it marked its first weekly decline in five.

* The overall index, which factors in rates for capesize, panamax and supramaxshipping vessels, gained 5 points to 1,489.

* The index, however, was down about 3% for the week, its most since the week ended Feb. 17.

* The capesize index rose 26 points, or about 1.4%, to 1,882. Although, the index lost 1.6% for the week.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $215 to $15,611.

* Dalian and Singapore iron ore futures rebounded in afternoon trading as sentiment improved, helped by data showing that inventories at Chinese ports continued to fall in the past week. 

* The panamax index fell 12 points to 1,572. The index was down 8.8% for the week – its biggest weekly percentage fall since Feb. 3.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $111 to $14,149.

* Among smaller vessels, the supramax index edged up 1 point to 1,332. It was up for the sixth consecutive week.

(Reporting by Ananya Bajpai in Bengaluru; Editing by Maju Samuel)

(c) Copyright Thomson Reuters 2023.

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