The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, was dragged lower by weaker rates across segments on Friday, but logged a weekly gain, buoyed by near two-year highs hit earlier.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 87 points, or 3.1%, to 2,727 points.

The index logged its highest level since December 2023 on Wednesday, which helped it post a 6.5% weekly rise.

The capesize index lost 236 points, or about 4.4%, to 5,083 points, logging a weekly gain of 13.4%.

“Dry bulk rates have been the story in recent days with Cape rates especially, breaking new ground and pushing above $40,000/day for the first time in two years. They have eased slightly from their highs mid-week but remain elevated,” analysts at Jefferies said in a note.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,957 to $42,151.

Dalian iron ore futures slid on Friday and ended the week lower, as rising year-end seaborne shipments and tepid Chinese demand weighed.

The panamax index fell by 26 points, or 1.4%, to 1,837 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $237 to $16,530. It was the index’s seventh straight session of losses, which registered a 5.9% weekly fall.

Among smaller vessels, the supramax index lost 5 points to 1,436 points.
Source: Reuters