Baltic index logs first weekly dip in 7 as rates retreat across vessels
The Baltic Exchange’s main dry bulk sea freight index retreated to a two-week low on Friday on lower rates for all vessels, steering it to its first weekly decline in seven.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 57 points, or 1.4%, to 3,944, its lowest since Aug. 18.
The main index fell about 7% for the week.
The capesize index declined 91 points, or 1.6%, to its lowest in two weeks, at 5,625, pushing it to an about 9% fall this week.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $760 to $46,647.
Steel futures in China jumped on Friday, with stainless steel rising more than 6% along with gains in rebar and hot-rolled coils, as production curbs during the peak demand season stoked concerns about global supply.
Among smaller vessels, the supramax index extended its fall to a third day to 45 points at 3,348, its lowest since Aug. 24. The index fell 3.5% this week.
The panamax index meanwhile, fell for a fifth straight day, shedding 44 points, or 1.2%, to a two-week low of 3,605.
The panamax segment registered a nearly 7% weekly decline.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $401 to $32,445.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Shailesh Kuber)