The Baltic Exchange’s dry bulk freight index, which tracks rates for vessels transporting dry bulk commodities, rose on Friday to snap a nine-day losing streak.
The main index, which tracks rates for capesize, panamax and supramax vessels, added 35 points, or 2.3%, to 1,567. The index was however, down 7.2% for the week, dragged lower by a weak capesize segment.
The capesize index rose 49 points, or 2.3%, to 2,224. It logged a 15.8% weekly decline.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $444 to $16,670.
Iron ore futures drifted lower as high prices and slim margins deterred buying in the biggest consumer China, with the Dalian iron ore contract reporting a weekly decline for the first time in two weeks.
Among smaller vessels, the supramax index rose by 4 points to 967, but posted a 0.9% weekly loss.
The panamax index rose, adding 60 points, or 4.3%, to 1,548. It logged a 15.1% weekly gain.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, increased $535 to $13,120.
Source: Reuters
