Baltic Dry Index Logs Worst Week in Two Months
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Friday to mark it worst week since mid-February as demand waned across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 28 points, or 1.9%, to 1,435.
The index was down 8% for the week — its biggest weekly percentage fall since Feb. 17.
The capesize index shed 38 points, or 2%, to 1,850. The index was down 9.4% for the week - its worst since the week ended March 31.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $313 to $15,344.
Iron ore futures wobbled and are on track for their second consecutive weekly fall amid mounting concerns about demand for the steel-making ingredient in top steel producer China.
The panamax index fell 45 points, or 2.6%, to 1,702. The index was down 8.1% for the week its lowest since week ending March 24.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $407 to $15,317.
Among smaller vessels, the supramax index lost 9 points at 1,096.
(Reuters - Reporting by Ananya Bajpai in Bengaluru; Editing by Pooja Desai)