Baltic Index Records Worst Week since July 2020 as Vessel Rates Drop
The Baltic Exchange's dry bulk sea freight index dipped on Friday, registering its biggest weekly decline since July 2020, pulled lower by weakened rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 54 points, or 2%, to 2,715, its lowest since June 10. The main index suffered a weekly loss of 22.8%.
The capesize index rose 59 points, or 1.8%, to 3,280, snapping an 11-session losing streak. It logged a weekly decline of 24.6%.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $489 to $27,199.
Benchmark iron ore futures in China fell on Friday and logged a fourth straight weekly decline as industrial demand remained sluggish due to steel output curbs in the country.
The panamax index fell 95 points, or 3%, to 3,071, the lowest since June 9. The index fell 21.2% for the week.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, was down $851 to $27,641.
The supramax index fell 147 points, or 5.7%, to 2,416, touching its lowest since May 21. The index decreased 22.2% this week.
(Reporting by Kavya Guduru in Bengaluru; Editing by Shailesh Kuber)