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Baltic index posts 3rd straight weekly fall on weakness in smaller vessels

reuters.com · 06/10/2022 09:41
Baltic index posts 3rd straight weekly fall on weakness in smaller vessels

- The Baltic Exchange's main sea freight index .BADI extended its slide on Friday and was headed for a straight third weekly loss as rates weakened across smaller vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 22 points to 2,320 points.

* The index was down 12% for the week.

* The capesize index .BACI inched up 2 points to 2,371 but has lost about 19% this week.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased by $22 to $19,665.

* The panamax index .BPNI dropped 45 points, or 1.7%, to 2,629 points and has lost about 7.8% in this week.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $402 to $23,662.

* Iron ore prices fell with the Singapore benchmark headed to a weekly loss on renewed concerns over demand in China, where fresh COVID-19 alerts threaten to derail the economy's reopening and steel margins have come under pressure. IRONORE/

* The supramax index .BSIS lost 32 points to 2,495.



(Reporting by Rahul Paswan in Bengaluru; Editing by Aditya Soni)

((RahulKumar.Paswan@thomsonreuters.com; If within U.S. +1 646 223 8780;;))