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Baltic index logs worst week in over 8 months as capesize rates fall

The Baltic Exchange’s dry bulk sea freight index declined on Friday to log its worst week since late January, dragged down by capesize rates.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 208 points, or 4.1%, to 4,854.

The main index logged a weekly loss of 12.2%, its worst since the week ending Jan. 29.

The capesize index fell 695 points, or 8.2%, to 7,767, its lowest since Sept. 27. The index recorded a weekly loss of 23.2%, also its worst week since Jan. 29.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $5,764 to $64,417.

Dalian iron ore fell for a third straight session and marked its first weekly decline in a month, as a gloomy outlook for Chinese demand outweighed Rio Tinto’s shipment forecast cut for this year.

The panamax index added 42 points, or 1%, to 4,065, its highest in three months.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $380 to $36,584.

The supramax index added 34 points, rising to an all-time high of 3,576, according to Refinitiv Eikon data going back until 2017.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Vinay Dwivedi)

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