Baltic Dry Index Logs Best Week in Seven Months

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, marked its best week in over seven months, largely driven by a 126% weekly gain in the capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, recorded its third weekly gain of about 28%, highest since mid-February.

However, the dry index snapped its seven-day long gaining streak, losing 59 points, or about 3.7%, on its worst day in over two weeks, to 1,553.

The capesize index posted a weekly gain of about 126%, its highest in over two years. However, it snapped a five-day winning streak, losing 118 points, or about 7.2%, at 1,519.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, fell $981 to $12,599.

Dalian and Singapore iron ore futures fell after data showed China's property sector contracted further in August, with a seasonal demand boost usually seen beginning September not yet in sight.

The panamax index posted a 6.7% weekly gain, its second consecutive weekly gain. However, it fell for the second consecutive session and was down 100 points, or about 4.8%, at 1,990.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $900 at $17,913.

Around 82 ships with 418 seafarers remain stuck around Ukrainian ports despite the opening of a U.N.-backed sea corridor to ship grains with efforts to get the mariners sailing still stuck, shipping industry officials said on Thursday.

The supramax index .BSIS rose for the fourth consecutive session by 22 points to 1,551.

(Reuters - Reporting by Harshit Verma in Bengaluru; Editing by Shounak Dasgupta)