Baltic index logs worst week in 4 months as rates across vessels fall
The Baltic Exchange’s main sea freight index logged its worst weekly decline in more than four months on Friday, weighed down by declining rates across vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, dropped 43 points, or 3.5%, to 1,172 points.
The main index was down 15.3%, its biggest weekly fall since Jan. 20.
The capesize index posted its second straight weekly dip, falling 75 points, or 4.3%, to 1,683 points.
The index declined about 20% this week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $621 to $13,956.
Dalian iron ore was on track for weekly losses pressured by darkening demand outlook in top steel producer China due to a seasonal slowdown in construction.
The panamax index lost 22 points, or 1.9% to 1,119 points, and was headed for its seventh straight weekly fall.
The index dropped 8.4% for the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped $200 to $10,072.
Among smaller vessels, the supramax index was down 34 points, or 3.5%, at 946 points. It was headed for its worst week since Jan. 13, dropping 12.3% for the week.