The Baltic exchange’s main sea freight index .BADI recorded its worst week in four on Friday dragged by a retreat across vessel segments, but a brief bounce in the larger capesize segment last week helped the index notch up a monthly gain.
Recurring Drops
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 21 points, or 1.9%, to 1,091. The main index tracking rates for ships ferrying dry bulk commodities shed about 12% for the week, its worst since June 2, and also marked its fifth straight quarterly drop at 21.5%. But, the index advanced 11.7% for the month, helped mostly by a near 40% monthly jump in the capesize segment, and a small about 2.3% uptick for the quarter. The capesize index lost 55 points, or 3.1%, at 1,704, retreating 18.1% for the week.
Fall In Average Daily Earnings
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $456 to $14,133. The panamax index shed 11 points to 1,030, declining for the ninth straight session. It was down 8.6% for the week.
The index lost 1.4% for the month, its third consecutive monthly fall. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $95 to $9,273.
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Source: Shippingtribune
