Baltic sea freight index logs second straight weekly fall
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a second straight week on Friday, dragged down by declines across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 26 points, or nearly 1.2 %, at 2,214 points. The index posted a weekly fall of about 5%.
The capesize index lost 53 points, or 2.2%, at 2,381 points, down about 0.6% for the week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $445 to $19,745.
Meanwhile, iron ore and steel prices tumbled on Friday as prospects of a sharp global economic downturn fanned fears of a slump in demand for commodities.
The panamax index was down eight points, or 0.32%, at 2,477 points, which took its second straight weekly fall to about 8.1%.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $72 to $22,297.
The supramax index fell 16 points to 2,290 points, registering a sixth straight weekly fall of 6.5%.
Source: Reuters (Reporting by Deep Vakil in Bengaluru; Editing by Shinjini Ganguli)