The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a 10-session losing streak on Friday, supported by gains in capesize rates.
The overall index. BADI, which factors in rates for capesize, Panamax, and supramax shipping vessels, gained 7 points, or 0.4%, to 1,675, after hitting over a three-month low in the previous session. The index was down 7.7% for the week.
The capesize index. BACI rose 38 points, or 1.7%, to 2,327. The index also snapped a 10-day losing streak.
Average daily earnings for capesize vessels. BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, was up $313 at $19,299.
Dalian iron ore futures prices climbed on Friday. Still, they were on track for a weekly loss as traders assessed the consequences of a wave of production cuts across Chinese steelmakers amid the top consumer’s faltering steel market.
The Panamax index. BPNI lost 8 points, or 0.5%, to 1,705, marking its lowest level in over two weeks.
Average daily earnings for Panamax vessels. BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased from $73 to $15,345.
Among smaller vessels, the supramax index. BSIS was down 10 points, or 0.7%, to 1,342.
Source: XM
