Baltic index falls for eleventh day on capesize weakness

Dec 23 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) fell for the eleventh session on Thursday, as weaker capesize rates overshadowed gains in the panamax vessel segment.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, shed 10 points, or 0.5%, to 2,219, its lowest level since April 14.

* The main index lost 6.7% this week.

* The capesize index (.BACI) dropped 104 points, or 4.2%, to its lowest since end-March at 2,351. It posted a 13.8% weekly decline.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $869 to $19,494.

* Chinese stainless steel futures extended gains to a third straight session, rising as much as 3% on expectations of lower output even as demand was dented by lower seasonal consumption.

* The panamax index (.BPNI) added 131 points, or 5.5%, to its highest in a week at 2,515. It fell 2.9% this week.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $1,178 to $22,638.

* The supramax index (.BSIS) fell 34 points to its lowest level in a month at 2,303.

Reporting by Kavya Guduru in Bengaluru

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