Baltic index falls as rates for larger vessels dip, posts weekly gain

  • 12/10/2021
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The Baltic Exchange"s dry bulk sea freight index (.BADI) fell on Friday, tracking larger capesize and panamax vessel segments. * The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 71 points, or 2.1% to 3,272. It had scaled its highest in over a month on Wednesday. * However, the main index gained 3.2% this week, registering its fourth weekly gain in five. * The capesize index (.BACI) was down 162 points, or 3.3%, to 4,827. It rose 5.1% for the week. * Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,344 to $40,035. * Iron ore futures slipped, as rising portside inventory of the steelmaking ingredient in top steel producer China, along with weak demand, signalled prices could further weaken in 2022. * The panamax index (.BPNI) decreased 77 points, or 2.5%, to its lowest in over a week at 3,068. It posted a 1.9% weekly decline. * Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $696 to $27,610. * The supramax index (.BSIS) rose 10 points, or 1.2%, to 2,551, its highest level in over a month. Reporting by Kavya Guduru in Bengaluru; Editing by Amy Caren Daniel Our Standards: The Thomson Reuters Trust Principles.

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