Baltic index posts worst week in more than a year

Reuters · 01/06/2023 14:28
Baltic index posts worst week in more than a year

- The Baltic Exchange's dry bulk sea freight index .BADI edged down on Friday to post its biggest weekly loss since Dec. 17, 2021, as shipping activity was low at the start of the year.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, lost 16 points, or 1.4%, to 1,130, its lowest since Sept. 6.
* The index lost 25.4% during the week, its worst in more than a year.

* The capesize index .BACI rose 8 points, or 0.5%, to 1,512. It posted a weekly fall of 33.1%, the worst since Aug. 26.

* Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, increased $70 to $12,543.

* The panamax index .BPNI fell 33 points, or about 2.5%, to 1,299, its lowest since Sept. 2. The index was down 15.4% for the week, marking its third straight weekly fall.

* Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $293 to $11,693.

* The supramax index .BSIS shed 32 points to $839.
* Meanwhile, iron ore prices rose on optimism around China's stepped-up policy support for the ailing domestic property sector, but persistent worries about local COVID-19 outbreaks kept the steelmaking ingredient on track for a weekly fall. IRONORE/

(Reporting by Ananya Bajpai in Bengaluru; Editing by Subhranshu Sahu)