The Baltic Dry Index marks the first weekly decline in five years Ship’s crew


March 24 (Reuters) – The Baltic Exchange’s main sea freight index rose on Friday on stronger demand in the larger capesize vessel segment, although it marked the first weekly decline in five years.

* The overall index, which includes rates for Capesize, Panamax and Supramax vessels, rose 5 points to 1,489.

* However, the index is down about 3% on the week, its strongest reading since the week ended February 17.

* The Capesize index rose 26 points, or around 1.4%, to 1,882. However, the index lost 1.6% this week.

* The average daily earnings for capesizes, which typically haul 150,000-ton loads such as iron ore and coal, increased $215 to $15,611.

* Dalian and Singapore iron ore futures rallied in afternoon trade as sentiment improved, helped by data showing inventories at Chinese ports fell further over the past week.

* The Panamax Index fell 12 points to 1,572. The index fell 8.8% this week – the largest weekly percentage drop since February 3.

* Average daily earnings for panaxes, which typically haul coal or grain loads of about 60,000 to 70,000 tons, fell $111 to $14,149.

* For the smaller ships, the Supramax Index increased by 1 point to 1,332. It was the sixth week in a row.

(Reporting by Ananya Bajpai in Bengaluru; Editing by Maju Samuel)

(c) Copyright Thomson Reuters 2023.

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