The Baltic Exchange's dry bulk sea freight index registered a third consecutive weekly decline on Friday, pulled down by falling rates for panamax and supramax vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by one point to 2,357 points, its lowest since March 8. The index fell 7.4% over the week.
Shipbroker Jefferies, however, expects average rates for 2022 to be higher than last year rates “especially as most Western buyers of commodities try to diversify away from Russian cargoes”.
The panamax index dipped 68 points, or 2.2%, to 3,073 points for its lowest level since March 21, down almost 10% on the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, lost $613 to $27,660.
Ferrous commodity futures in China climbed on Friday, with iron ore hovering near an eight-month peak as gloomy domestic factory activity data bolstered expectations of additional economic stimulus for the world's top steel producer.
The capesize index gained 104 points, or 5.9%, to 1,864 but was down 1.2% for the week.
Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, increased $867 to $15,460.
The supramax index dropped 53 points to 2,755 points, down 8.8% for the week.
Source: Reuters
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