Baltic Dry Index Slides to Worst Week in Four
The Baltic exchange's main sea freight index recorded its worst week in four on Friday dragged by a retreat across vessel segments, but a brief bounce in the larger capesize segment last week helped the index notch up a monthly gain.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 21 points, or 1.9%, to 1,091.
The main index tracking rates for ships ferrying dry bulk commodities shed about 12% for the week, its worst since June 2, and also marked its fifth straight quarterly drop at 21.5%.
But, the index advanced 11.7% for the month, helped mostly by a near 40% monthly jump in the capesize segment, and a small about 2.3% uptick for the quarter.
The capesize index lost 55 points, or 3.1%, at 1,704, retreating 18.1% for the week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $456 to $14,133.
Benchmark iron ore futures were headed for their best month so far in 2023 despite some losses, amid hopes China would roll out more stimulus to support its sputtering post-COVID economic rebound.
The panamax index shed 11 points to 1,030, declining for the ninth straight session. It was down 8.6% for the week.
The index lost 1.4% for the month, its third consecutive monthly fall.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $95 at $9,273.
Among smaller vessels, the supramax index lost 1 point, to 749.
(Reuters - Reporting by Ananya Bajpai; Editing by Shailesh Kuber)