Baltic Dry Index Marks Worst Week in Nearly Three Years

The Baltic Exchange's dry bulk sea freight index declined on Friday, posting its biggest weekly fall since early February 2019, as demand waned across its vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, was down 119 points, or 4.8%, to its lowest level since mid-April at 2,379.

The main index lost 27.3% this week.

The capesize index shed 167 points, or 5.8%, to an over six-month low of 2,727. It posted a 43.5% weekly decline, its worst week since May-end 2020.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased by $1,390 to $22,613.

China's iron ore prices jumped to a seven-week high and were set for a fourth straight weekly gain, on growing hopes of a recovery in steel demand in the world's biggest producer of the construction and manufacturing material.

The panamax index lost 182 points, or 6.9%, to its lowest in over three weeks at 2,444. It fell 20.3% this week.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell $1,636 to $21,994.

The supramax index fell 45 points, or 1.8%, to 2,469, its lowest since Dec. 6.

(Reporting by Kavya Guduru; Editing by Krishna Chandra Eluri)