Baltic Dry Index Marks Worst Week in Three Months

The Baltic Exchange's dry bulk sea freight index on Friday marked its worst week since early August, primarily weighed down by weakness in the larger capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 78 points, or about 4.8%, to 1,534.

The main index fell 16% for the week, also marking a third consecutive weekly drop.

The capesize index fell 78 points, or about 4.5%, to 1,670 and dropped 19.4% in its worst week since late August.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore used in construction, fell $648 to $13,852.

Iron ore futures tumbled, leading a ferrous market rout in China spurred by a gloomy outlook for global steel demand and supply-side pressures.

The panamax index shed 83 points, or about 4.4%, to 1,817. It fell 15.3% for the week, also a worst since late August.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $750 to $16,350.

The supramax index fell 89 points to 1,483.

(Reuters - Reporting by Harshit Verma; Editing by Shailesh Kuber)