The Baltic Exchange’s dry bulk freight index dropped on Friday, reaching its lowest point since September 3 as weaker rates for capesize and panamax vessels pulled down the benchmark.
The main Baltic index, which measures rates for capesize, panamax and supramax vessels, declined 14 points, or 0.4%, to 3,507. The index lost 3.3% for the week.
The capesize index dropped 42 points, or 0.7%, to 6,080, recording a weekly decline of 5.3%. Average daily earnings for capesize vessels, which generally carry 150,000-ton cargoes including iron ore and coal, decreased by $380 to $51,636.
Iron ore prices fell for a third consecutive session and were on track for their first weekly loss in three weeks. The decline came from lower-than-expected demand and a sharp reduction in steel margins in China, the largest consumer.
The panamax index fell 2 points, or 0.08%, to 2,407. The index was down 1.7% for the week.
Source: Investing.com
