Baltic Index Snaps Losing Streak on Larger Vessel Rate Rise

The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a seven-session losing streak on Friday, supported by gains in larger vessels.

The index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points to 1,167 points, but the index was down over 13% for the week.

The capesize index .BACI edged up 5 points to 1,535 points. The contract posted about 28% decline for the week. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $37 to $12,727.

Iron ore futures prices slid and headed for a weekly loss on Friday, as the wave of restocking for seaborne cargoes from steelmakers in top consumer China receded and high portside stocks as well as falling steel margins weighed.

* The panamax index rose 27 points to 1,067 points, recording a weekly gain of 4.8%. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $242 to $9,606.

* Among smaller vessels, the supramax index edged down 5 points to 974 points.