The Baltic Exchange’s dry bulk sea freight index plummeted on Friday with the fall in capesize rates overshadowing gains in the panamax and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, dropped 2 points, landing at 1,423.
The capesize index plunged 49 points, or 3.8%, resulting in 1,242.
Ferrying 150,000-tonne cargoes such as iron ore and coal, the average earnings for capesizes went down by $408 to $10,302.
The panamax index witnessed a rise of 25 points to 1,796.
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Average daily earnings for panamaxes, which transport 60,000-70,000 tonne coal or grain cargoes, surged by $226 to $16,165.
The supramax index progressed by 23 points, landing at 1,594.