The Baltic Exchange's dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, recorded its fourth consecutive weekly decline on Friday, dragged down by losses across all vessel segments for the week.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 4 points to 1,051 points on Friday, its lowest since late July 2023. The index was down about 10% for the week.
The panamax index fell 26 points to 995 points. The index also posted a weekly loss. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $231 to $8,955.
The capesize index logged its fourth straight weekly loss despite gaining 11 points to 1,263 points on Friday. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $92 to $10,474.
Iron ore futures retreated, but ended the week higher as investors assessed top consumer China's latest pledge of further stimulus measures to shore up its faltering economy.
Among smaller vessels, the supramax index was down 2 points at 959 points, while also posting a weekly loss.