Baltic index sees worst day since January as capesizes tumble
The Baltic Exchange’s dry bulk sea freight index registered its worst day in nine months on Friday, as capesize rates faltered.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, fell 243 points, or 5.2%, to 4,410. The index logged a weekly loss of 9.1%.
The capesize index fell 713 points, or 10.3% – biggest since Jan. 27 – to 6,205. The index recorded a weekly loss of 20.1%.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell $5,911 to $51,463.
Chinese ferrous futures plunged on Friday, with steel and steelmaking ingredients all logging major weekly declines as Beijing beefed up efforts to control rising coal prices.
The panamax index added 23 points, or 0.5%, to 4,327, its highest in over 11 years. The index was up 6.4% for the week.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $208 to $38,945.
The supramax index fell 40 points to 3,584, snapping a winning streak of 13 sessions.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Shailesh Kuber)