The Baltic Exchange’s dry bulk sea freight index dropped on Friday, marking its biggest weekly fall since July 2020, owing to weakened rates across vessel segments.
The overall index, which factors in rates for panamax, capesize, and supramax vessels, went down by 54 points, or 2%, resulting in 2,715, its lowest since 10th June. Consequently, the main index witnessed a weekly loss of 22.8%.
The capesize index surged by 59 points, or 1.8%, to 3,280, thereby snapping an 11-session losing streak. It logged a weekly decline of 24.6%.
Average daily earnings for capesizes, which carry 150,000-tonne cargoes such as coal and iron ore, increased by $489 to $27,199.
Benchmark iron ore futures in China dropped on Friday and marked a fourth straight weekly fall as industrial demand remained slow-moving owing to steel output curbs in the country.
The panamax index went down by 95 points, or 3%, resulting in 3,071, its lowest since 9th June. It fell 21.2% for the ongoing week.
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Average daily earnings for panamaxes, which transports 60,000-70,000 tonne coal or grain cargoes, was dropped by $851 to $27,641.
The supramax index fell down by 147 points, or 5.7%, to 2,416; therefore registering its lowest since 21st May. The index decreased 22.2% this week.