Baltic Dry Index Logs Worst Week in More than Two Months
The Baltic Exchange's main sea freight index fell on Friday to finish its worst week since early-June, weighed down by lower rates for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, was down 30 points, or 2.7%, at 1,080.
The main index fell 12.7% for the week - its biggest weekly percentage loss since June 2.
The capesize index dropped 85 points, or 6.8%, to 1,174. It was down 26.5% for the week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $708 to $9,735
The panamax index fell 7 points to 1,449; the index was down 6% for the week, its worst since the week ending July 21.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $65 to $13,041.
Among smaller vessels, the supramax index increased by 2 points to 908.
Iron ore resumed its rally in Singapore on Friday, putting it on track for its biggest weekly gain in 11 weeks, as policy support for China's faltering economic recovery and optimism over its near-term demand prospects underpinned prices.
(Reuters - Reporting by Ananya Bajpai in Bengaluru; Editing by Shweta Agarwal)