The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, ended a seven-session gaining streak on Friday as rates eased for the larger capesize vessel segment. The index, however, recorded its fourth straight week of gains.
The main Baltic index, tracking capesize, panamax and supramax vessels' rates, lost 40 points, or 1.3%, to 2,980 points, after back-to-back gains since November 3
The index posted a 4.4% weekly rise
The capesize index fell by 117 points, or 2.4%, to 4,719 points, after reaching its strongest level since October 2 in the previous session
It, however, recorded a fourth consecutive weekly gain, rising 5.8%
Average daily earnings for capesize vessels, which typically transport 150,000-metric-ton cargoes including iron ore and coal, decreased by $1,062 to $39,295
Dalian iron ore futures fell for a third straight session on Friday and logged their biggest weekly loss in five weeks, as stocks at Chinese ports continued to build and steel demand stayed weak
The panamax index inched up by 1 point to 2,118 points, its highest level since October 22
The index recorded a second weekly gain, up 4%
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, added $9 to $19,063
The supramax index, for smaller vessels, rose 5 points, or 0.3%, to 1,836 points, its highest since November 3
The index logged a 1.4% weekly rise, snapping a run of two consecutive weekly losses
(Reuters)