The Baltic Exchange’s dry bulk sea freight index slid on Friday as its worst week since 2008 came to an end with rates across vessel segments languishing at multi-month lows.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 94 points, or 6.1%, to 1,460, its lowest level since Nov. 2. It shed more than 30% for its biggest weekly decline since 2008.

The capesize index dropped by 252 points, or 10.4%, to 2,172, extending its losing streak to the fifth session and hitting its lowest since Nov. 3. The index lost 43% this week, its worst in 11 months.

Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes such as iron ore and coal, decreased by $2,090 to $18,015.

China’s iron ore imports in 2023 hit a record high, up 6.6% from a year before, customs data showed, thanks to stronger demand amid a lack of government-mandated steel output caps and higher-than-expected steel exports.

The panamax index fell 11 points, or 0.8%, to 1,410, logging its 11th straight session of declines. It was down 15% for the week, its biggest weekly fall since July.

Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, slipped by $97 to $12,693.

Among smaller vessels, the supramax index fell 20 points to a four-month low of 1,088. It has not seen a single session of gains since Dec. 5.

The U.S. and Britain launched dozens of air strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping, widening regional conflict stemming from Israel’s war in Gaza.

Source: Reuters reported by Deep Vakil in Bengaluru and edited by Tasim Zahid