The Baltic Exchange’s dry bulk maritime freight index, which tracks rates for ships carrying dry bulk commodities, hit a one-week low on Friday and marked its second straight weekly decline as rates across all segments weakened.
The index, which takes into account capesize, panamax and supramax shipping rates, slipped 36 points to 987 points, the lowest level since January 9. The index fell 5.8% on the week.
The capesize index fell 89 points to a one-week low of 1,393 points and lost 3.8% on the week.
Average daily earnings for large vessels, which typically carry 150,000 tonnes of cargo such as iron ore and coal, fell by $739 to $11,555.
Iron ore futures prices hit their highest in more than four weeks and were expected to see a weekly rise, as better-than-expected data from top consumer China supported sentiment and Chinese demand remained resilient.
The Panamax index added 1 point to 897 points but recorded its second straight weekly decline.
Average daily earnings for Panamax vessels, which typically carry 60,000-70,000 tons of coal or grain, rose by $10 to $8,070.
Among small ships, the supramax index fell 18 points to 747 points, its lowest level in 17 months.
Elsewhere, freight rates for Russian oil shipments from its western ports to India rose 25% after the US imposed sanctions on 183 vessels involved in Moscow’s energy exports a week ago, three trade sources said and Reuters calculations showed.
Source: Reuters
