The Baltic Exchange’s main sea freight index dipped on Friday, notching its first weekly decline in seven, as the capesize vessel segment posted its worst week in eight months.

The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, dropped 18 points, or 1.2%, to 1,452.

The main index weakened nearly 20% this week, but gains from earlier in January helped it mark the second straight monthly gain of about 6.2%.

The capesize index slipped 55 points, or 2.8%, to an over one-month low of 1,890.

The index was down about 36% for the week, its worst since May 29, 2020.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $458 to $15,675.

Benchmark iron ore futures on the Dalian Commodity Exchange ended down 2% at 990 yuan a tonne, following spot 62% iron ore, which plunged by $8.5 to $159 a tonne on Thursday.

The panamax index gained 2 points, or 0.1%, to 1,633, but edged 1.6% lower this week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $15 to $14,695.

The supramax index was down 1 point at 1,165, but firmed 2.01% for the week.

Source: Reuters