The Baltic Exchange’s dry bulk sea freight index edged up on Friday but declined for the third consecutive week as rates across vessel segments lingered near multi-week lows.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 7 points, or 0.3%, at 2,094.
The index fell 10.8% on the week, having hit its lowest since Nov. 23 on Thursday.
The capesize index was up 37 points, or 1.1%, at 3,398, its first rise in eight sessions. It still dropped 17.4% in the week, logging its third weekly decline.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $305 to $28,177.
Dalian iron ore futures rose for the fourth straight session and recorded their best day in two months, driven by optimistic news from China’s state banks.
The panamax index was down 6 points, or 0.3%, at 1,909, close to one-month lows, but eked out a 0.5% weekly gain after falling in the previous two weeks.
Average daily earnings for panamax class, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, fell by $53 to $17,183.
Among smaller vessels, the supramax index was down 9 points at a more than three-week low of 1,369, sliding lower for a 13th straight session and shedding 4% on the week.
Maersk and CMA CGM, two of the world’s largest shipping firms, will impose extra charges after deciding to re-route ships following attacks on vessels in the Red Sea.
But companies sailing around the Cape of Good Hope face tough choices over where to refuel and restock, as African ports struggle with red tape, congestion and poor facilities.
Source: Hellenic Shipping News
