The Baltic Exchange's main sea freight index, which monitors rates for ships carrying dry bulk commodities, rose on Friday and snapped a four-session losing streak, buoyed by gains across all vessel segments.
* The main index, which tracks rates for capesize, panamax and supramax shipping vessels, gained 51 points, or 2.7%, to 1,944 points, after hitting an over one-month low in the previous session. However, the contract was down nearly 5% for the week.
* The capesize index rose 90 points, or 3.3%, to 2,793 points, but has slipped 15% this week.
* Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $742 to $23,160.
* Iron ore futures eased, extending weekly losses to a second straight week, as rising steel production in China despite sluggish demand pressured steel margins and iron ore input costs.
* Global crude steel production in July fell 1.3% from a year earlier to 150.1 million tonnes, World Steel Association data showed, with output from top producer China falling 4% to 79.7 million tonnes in July.
* Meanwhile, the panamax index added 51 points, or about 3%, to 1,770, reaching its highest level since July 28. The contract logged over 9% gains this week.
* Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $463 to $15,932.
* Among smaller vessels, the supramax index edged 19 points, or 1.4%, higher to 1,424, climbing to its May 2024 peak. The contract was up 5.2% for the week.
(Reuters)
