Baltic Index marks the worst week in almost three years as ship rates are falling
December 18 (Reuters) – The Baltic Exchange’s dry matter ocean freight index fell on Friday, seeing its largest weekly decline since early February 2019 as demand eased across all shipping segments.
* The overall index, which takes into account the rates for Capesize, Panamax and Supramax ships, fell by 119 points or 4.8% to its lowest level since mid-April at 2,379 points.
* The main index lost 27.3% this week.
* The Capesize Index lost 167 points, or 5.8%, to a six-month low of 2,727. It saw a 43.5% weekly drop, its worst week since late May 2020.
* Average daily earnings for Capesizes, moving 150,000-tonne cargoes such as iron ore and coal, fell by $ 1,390 to $ 22,613.
* China’s iron ore prices jumped to a seven-week high and were set for a fourth straight rise amid growing hopes for a recovery in steel demand at the world’s largest maker of building and manufacturing materials.
* The Panamax index lost 182 points or 6.9% to its lowest level in over three weeks at 2,444 points. It’s down 20.3% this week.
* Average daily earnings for Panamaxes hauling 60,000-70,000 metric tons of coal or grain loads dropped $ 1,636 to $ 21,994.
* The Supramax index fell 45 points, or 1.8%, to 2,469, its lowest level since December 6th.
Reporting by Kavya Guduru in Bengaluru; Arrangement by Krishna Chandra Eluri
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