The Baltic Exchange’s dry bulk sea freight index (.BADI) marked its first weekly gain in five, even as it slipped on Friday due to a fall in capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, shed 35 points, or about 2.5%, to 1,355.
The main index gained 2.4% for the week.
The capesize index (.BACI) was down 108 points, or about 6.5%, at 1,544. It posted a weekly gain of 15%.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $895 at $12,807.
Iron ore futures surged on Friday as China eased some COVID-19 rules, taking bold steps a day after the nation’s new top leadership body stressed the need to minimise the impact of containing outbreaks in the world’s second-biggest economy.
The panamax index (.BPNI) rose 18 points, or about 1.1%, to 1,637, snapping a four-session losing streak. It fell 3.7% this week.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $161 to $14,735.
The supramax index (.BSIS) lost 14 points to 1,213, extending its declines for a 15th straight session.
Source: Hellenic Shipping News
