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Baltic Dry Index Notches Fifth Straight Weekly Gain

Reuters
Total Views: 1132
March 8, 2024
Reuters

March 8 (Reuters) – The Baltic Exchange’s dry bulk sea freight index rose on Friday and posted a fifth straight weekly gain, supported by rising rates across all vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 94 points or 4.2% to 2,345 points.

* The index was up 6.4% for the week.

* The capesize index gained 266 points, or 6.7%, to 4,245, touching its highest level since Dec. 14. It logged a weekly rise of 6.7%.

* Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $2,205 to $35,201.

* Iron ore prices dropped as lower-than-expected hot metal production, and a persistent climb in portside inventories in top consumer China weighed on market sentiment. 

* The panamax index added 21 points, or 1.1%, to 1,861 points and was up 8% for the week.

* Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $194 at $16,750.

* Among smaller vessels, the supramax index, ticked up by a point to 1,318 points. 

(Reporting by Daksh Grover in Bengaluru; Editing by Tasim Zahid)

(c) Copyright Thomson Reuters 2024.

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