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The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a seven-session losing streak on Friday, supported by gains in larger vessels.
The index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points to 1,167 points, but the index was down over 13% for the week.
The capesize index .BACI edged up 5 points to 1,535 points. The contract posted about 28% decline for the week. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $37 to $12,727.
Iron ore futures prices slid and headed for a weekly loss on Friday, as the wave of restocking for seaborne cargoes from steelmakers in top consumer China receded and high portside stocks as well as falling steel margins weighed.
* The panamax index rose 27 points to 1,067 points, recording a weekly gain of 4.8%. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $242 to $9,606.
* Among smaller vessels, the supramax index edged down 5 points to 974 points.
https://www.marinelink.com/news/baltic-index-snaps-losing-streak-larger-520013
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