The Baltic Exchange’s main sea freight index fell on Friday and was on its way for its first weekly decline in five weeks on Friday, pressured by a dip in the capesize segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, declined 37 points, or 1.9%, to 1,890. The index dropped about 0.7% so far this week.
The capesize index dipped by 136 points, or 4.2%, to 3,089 points and lost about 3.9% this week registering its first weekly decline in six.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $1,130 to $25,620.
The panamax index gained 26 points, or 1.9% to reach 1,428 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased $229 to $12,849.
Dalian iron ore futures prices dipped on Friday but logged a weekly rise, as the prospect of fresh Chinese stimulus and a recovery in steel demand lifted market sentiment amid the top consumer’s faltering economic recovery.
Among smaller vessels, the supramax index edged up 1 points to 1,264.
Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Vijay Kishore)
