Baltic Dry Index Posts Weekly Fall
The Baltic Exchange's dry bulk sea freight index fell to a more than two-month low on Friday and posted a weekly decline as demand for capesize vessels dropped.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities shed 39 points, or 3.2%, to 1,189, its lowest since Sept. 8.
The main index dropped 12.3% for the week, its fifth weekly fall in six.
The capesize index lost 66 points, or about 5.6%, to 1,122, extending its declines to a sixth straight session.
The index posted a weekly fall of 27.3%.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $550 to $9,305.
Meanwhile, iron ore futures were set for their third straight weekly rise, as top steel producer China's latest moves to shore up its flagging economy brightened demand prospects.
The panamax index fell 56 points, or 3.4%, to a 10-week low of 1,594. It was down 2.6% for the week.
Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $507 to $14,343.
The supramax index lost 5 points to 1,170 and fell for a sixth straight week.
(Reuters - Reporting by Rahul Paswan; Editing by Vinay Dwivedi)