The Baltic Exchange’s main sea freight index fell on Friday, marking its second straight weekly decline, weighed down by weaker capesize rates.
The main index, which tracks rates for capesize, panamax, and supramax shipping vessels, dropped 19 points, or 1.2%, to 1,602. It also posted a 2.5% decline for the week.
The capesize index fell 55 points, or 2.2%, to 2,472, marking its fourth consecutive session of losses. It posted a weekly decline of over 7%.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $454 to $20,503.
Iron ore futures prices dipped amid rising trade war concerns, but posted a weekly gain on strengthening demand for the key steelmaking ingredient in top consumer China.
The panamax index gained 13 points, or 0.9%, to 1,497. It marked a winning streak of three consecutive weekly gains.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $115 to $13,474.
Among smaller vessels, the supramax index continued its decline, dropping 12 points to 995. The index was down 1.7% for this week.
Elsewhere, Turkish President Tayyip Erdogan told his Russian counterpart Vladimir Putin in a call on Friday that steps toward achieving navigational safety in the Black Sea would contribute to peace efforts with Ukraine, the Turkish presidency said, adding that Ankara was ready to contribute to these efforts.
Source: Reuters
