The Baltic Exchange’s main sea freight index rose on Friday, but clocked a second consecutive weekly decline on the back of weaker demand in the larger vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 16 points, or 1.6%, to 1,009.
However, the main index fell by 7.5% for the week.
The capesize index gained 43 points, or 2.9%, to 1,522, but shed 10.7% this week, also a second straight weekly retreat.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $360 to $12,625.
Dalian and Singapore iron ore futures dipped as traders assessed demand prospects while assessing how broad the anticipated economic stimulus measures in China would be.
The panamax index rose 13 points, or 1.3%, to 984. But the index dropped 4.5% for the week, a third straight weekly decline.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $116 to $8,852.
China’s miners called for a halt to coal imports as the country’s inventories remain bloated despite a scorching heatwave stoking power demand for cooling.
Among smaller vessels, the supramax index fell 4 points, or 0.55% to 724.
Source: Reuters
