Baltic index falls on rate declines across the board

Reuters
Yesterday
Baltic index falls on rate declines across the board

March 6 (Reuters) - The Baltic Exchange's dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, fell on Friday, hurt by losses across all vessel classes.

* The main Baltic index .BADI, which tracks rates for capesize, panamax and supramax vessels, was down 128 points, or 6%, at 2,010.

* The capesize index .BACI lost 320 points, or 10.8%, to 2,631.

* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes including iron ore and coal, fell by $2,907 to $20,355.

* However, iron ore prices climbed on Friday as top consumer China's widening restrictions on buying some seaborne cargoes from major supplier BHP BHP.AX sparked supply concerns that outweighed falling demand. IRONORE/

* Meanwhile, the panamax index .BPNI fell 35 points, or 1.8%, to 1,962.

* Average daily earnings for panamax vessels .BPWT, which usually carry 60,000 to 70,000 tons of coal or grain, fell $314 to $17,656.

* The supramax index .BSIS, fell 6 points, or 0.4%, to 1,386.

* The Gulf region's key Strait of Hormuz chokepoint has been largely closed to international shipping since the U.S.-Iran conflict broke out, with at least nine vessels damaged due to the conflict.

* However, dry bulk shipping is expected to have a limited impact due to the conflict compared with oil and gas markets, as only around 4% of global dry bulk trade passes through the strait.

(Reporting by Anjana Anil in Bengaluru)

((Anjana.Anil@thomsonreuters.com;))

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