The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, fell to more than a 10-month low on Friday, logging its second straight weekly loss, as rates across all vessels declined.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 65 points to 1,354 points, its lowest level since Jan. 17.
The capesize index lost 179 points to 2,133 points, hitting more than a three-week low and logging a weekly decline.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,486 to $17,686.
Dalian iron ore futures climbed to their highest in more than a month to end the week higher as a stronger economic outlook for top consumer China lifted market sentiment.
The panamax indexlost 10 points to 1,018 points and was down for the eleventh session in a row, hitting a 16-month low.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $89 to $9,161.
Among smaller vessels, the supramax index edged 9 points lower to 980 points.
Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas)
