Baltic index marks best week in over 3 months as vessel rates rise

Dec 3 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) advanced on Friday to post its biggest weekly rise since mid-August, propelled by gains across vessels segments.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, added 56 points, or 1.8%, to a one-month high of 3,171.

* The main index gained 14.6% this week, registering its biggest weekly rise since the week ended Aug. 20.

* The capesize index (.BACI) gained 60 points, or 1.3%, to 4,595, a peak since Oct. 27. It logged its highest weekly gain in about two months at 17.6%.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $492 to $38,096.

* Benchmark iron ore futures in China dropped, shedding more than 5% during the session, as production at steel mills stayed sluggish amid government curbs.

* The panamax index (.BPNI) rose 98 points, or 3.2%, to 3,128. It posted a 19.3% weekly jump, its best since the one ended March 19.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, was up $883 at $28,154.

* The supramax index (.BSIS) increased 29 points, or 1.2%, to 2,431, its highest level in a month.

Reporting by Kavya Guduru in Bengaluru;
Editing by Vinay Dwivedi

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