Baltic index marks worst week in 4 months as capesize rates drop
The Baltic exchange’s main sea freight index fell on Friday to log its worst weekly performance in about four months, as capesize rates dropped.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 92 points, or 3.4%, to 2,596.
The main index fell 9.5% for the week, the biggest decline since the week of Jan. 29.
The capesize index dropped 279 points, or 8.3%, to 3,089, the lowest since April 9.
The index shed 21.4% this week, its third straight weekly fall and worst since the week of Jan. 29.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, fell by $2,320 to $25,614.
Iron ore futures in Asia rose, but were set for a third weekly decline on persistent price-control concerns.
The panamax index rose 25 points, or 0.9%, to 2,760, but was down 3.3% for the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $223 to $24,841.
The supramax index fell 16 points to 2,504.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Vinay Dwivedi)