Baltic Dry Index Logs Fifth Straight Weekly Drop
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth straight week on Friday, pressured by weaker rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 19 points, or about 3%, to 621, its lowest since mid-June 2020.
The main index was down 8.1% for the week.
The capesize index lost 16 points, or about 3.6%, to over five-month low at 429.
The index was down 20% for the week, also marking its fifth straight weekly fall.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $127 to $3,561.
Meanwhile, Dalian iron ore futures dipped on Friday, deepening weekly losses as traders reassessed demand prospects in top steel producer China and exercised caution after market regulators repeatedly warned against excessive price speculation.
The panamax index lost 48 points, or about 4.9%, at 940, its lowest since June 15, 2020. The index was down 10.8% for the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $438 to $8,456.
Among smaller vessels, the supramax index fell 2 points to 682.
(Reuters - Reporting by Ananya Bajpai; Editing by Shilpi Majumdar)