Baltic index falls as rates for larger vessels dip, posts weekly gain

Dec 10 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) fell on Friday, tracking larger capesize and panamax vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 71 points, or 2.1% to 3,272. It had scaled its highest in over a month on Wednesday.

* However, the main index gained 3.2% this week, registering its fourth weekly gain in five.

* The capesize index (.BACI) was down 162 points, or 3.3%, to 4,827. It rose 5.1% for the week.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,344 to $40,035.

* Iron ore futures slipped, as rising portside inventory of the steelmaking ingredient in top steel producer China, along with weak demand, signalled prices could further weaken in 2022.

* The panamax index (.BPNI) decreased 77 points, or 2.5%, to its lowest in over a week at 3,068. It posted a 1.9% weekly decline.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $696 to $27,610.

* The supramax index (.BSIS) rose 10 points, or 1.2%, to 2,551, its highest level in over a month.

Reporting by Kavya Guduru in Bengaluru; Editing by Amy Caren Daniel

Our Standards: The Thomson Reuters Trust Principles.