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Larger Vessel Gains Help Baltic Index to Post Best Week in 3 Months

Reuters
Total Views: 681
June 9, 2023
Reuters

June 9 (Reuters) – The Baltic Exchange‘s main sea freight index .BADI, tracking rates for ships carrying dry bulk commodities, rose on Friday and marked its best week since mid-March, supported by a rebound in the capesize and panamax vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 15 points, or 1.4%, to 1,055, its highest level since May 30.

* The index was up 14.8% for the week — its biggest weekly percentage rise since March 10.

* The capesize index .BACI added 54 points, or 3.7%, to 1,514. The index jumped 35.7% for the week, its first weekly gain in four.

* Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $448 to $12,560.

* Iron ore futures advanced and were on track for a second consecutive weekly gain, driven by optimism about demand as signs emerged that top steel producer China is moving to support its faltering economy. IRONORE/

* The panamax index .BPNI was unchanged at 1,146 points. The index was up 11.3% for the week, snapping an eight-week long losing streak.

* Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $4 to $10,316.

* Among smaller vessels, the supramax index .BSIS lost 11 points at 736. The index was down 10.5% for the week.

(Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar)

(c) Copyright Thomson Reuters 2023.

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