The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, edged down on Friday and logged its steepest weekly decline in more than eight months.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 8 points to 1,901 points, its lowest since August 21.
The index was down 15.8% for the week, marking its worst weekly drop since late January.
The capesize index snapped a five-day losing streak, up 4 points at 2,724 points. The index, however, lost 24.9% during the week.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $33 to $22,595.
The panamax index lost 23 points to 1,662 points, its lowest since August 20. It slipped 9.3% for the week.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $203 to $14,961.
Among smaller vessels, the supramax index eased 9 points at 1,447 points. The index was down 2.2% for the week.
Source: Reuters
