November 22, 2019 / 2:42 PM / 17 days ago

Baltic index snaps 6-day losing streak on higher capesize rates

Nov 22 (Reuters) - The Baltic Exchange’s main sea freight index on Friday rose for the first time in seven sessions, helped by an uptick in capesize rates.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 29 points, or 2.3%, to 1,284 points.

* For the week, however, the index recorded its sixth straight fall, declining by 5.4%.

* The capesize index rose 92 points, or 3.8%, to 2,493, but still shed 5.4% in the week, its fifth fall in six weeks.

* “Lower iron ore imports in November and December might put the freight rates (capesize rates) under even greater pressure,” Peter Sand, chief shipping analyst at BIMCO, said in a note.

* A slowdown in Chinese iron ore imports, which have fallen by 1.6% in accumulated volumes year-on-year in the first 10 months of this year, will hurt the capesize segment, Sand added.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $580 to $18,930.

* The panamax index remained unchanged at 1,129 points, but registered its first weekly gain after five weeks, rising by about 1%.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, edged $2 higher to $9,068.

* The supramax index rose 16 points to 747. (Reporting by Nakul Iyer in Bengaluru; Editing by Maju Samuel)

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