Baltic index jumps; panamaxes post worst week since early 2019
The Baltic Exchange’s dry bulk sea freight index jumped on Friday, but posted a weekly drop with the panamax index suffering its steepest weekly decline since February 2019.
The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 98 points, or 4%, to 2,552.
For the week, the main index has lost 9.1%, registering its fifth weekly decline in six. It hit a more than five-month low on Wednesday.
The capesize index rose 350 points, or 10.7%, to 3,610, but saw a weekly decline of 5.9% after prices dropped the lowest level since June earlier in the week.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $2,905 to $29,938.
Benchmark iron ore futures rebounded on Friday following some positive news from China’s troubled property sector, but traders remained cautious over the overall demand outlook for the raw material in the world’s biggest steel producer.
The panamax index shed 54 points, or 2.3%, to a seven-month trough at 2,282. It registered a 22.1% weekly decline.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, was down $490 at $20,535.
The supramax index lost 11 points, or 0.5%, to its lowest level in six months at 2,237.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Maju Samuel)