Baltic index snaps losing streak with gains across all vessels

The Baltic Exchange's main sea freight index rose on Friday and snapped a four-session losing streak, buoyed by gains across all vessel segments.

The main index gained 51 points, or 2.7 per cent, to 1,944 points, after hitting an over one-month low in the previous session. However, the contract was down nearly five per cent for the week.

The Capesize index rose 90 points, or 3.3 per cent, to 2,793 points, but has slipped 15 per cent this week. Average daily earnings for Capesize vessels increased by $742 to $23,160.

Iron ore futures eased, extending weekly losses to a second straight week, as rising steel production in China despite sluggish demand pressured steel margins and iron ore input costs.

Global crude steel production in July fell 1.3 per cent from a year earlier to 150.1 million tonnes, World Steel Association data showed, with output from top producer China falling four per cent to 79.7 million tonnes in July.

Meanwhile, the Panamax index added 51 points, or about three per cent, to 1,770, reaching its highest level since July 28. The contract logged over nine per cent gains this week. Average daily earnings for Panamax vessels rose $463 to $15,932.

Among smaller vessels, the supramax index edged 19 points, or 1.4 per cent, higher to 1,424, climbing to its May 2024 peak. The contract was up 5.2 per cent for the week.

(Reporting by Sarah Qureshi in Bengaluru; Editing by Sahal Muhammed)