Baltic Dry Bulk Index Snaps Winning Streak as Capesize Rates Ease

The Baltic Exchange’s main sea freight index ended a seven-session gaining streak on Friday as rates eased for the larger Capesize vessel segment. The index, however, recorded its fourth straight week of gains.

The main Baltic index lost 40 points, or 1.3 per cent, to 2,980 points, after back-to-back gains since November 3.

The index posted a 4.4 per cent weekly rise.

The Capesize index fell by 117 points, or 2.4 per cent, to 4,719 points, after reaching its strongest level since October 2 in the previous session.

It, however, recorded a fourth consecutive weekly gain, rising 5.8 per cent.

Average daily earnings for Capesize vessels decreased by $1,062 to $39,295.

Dalian iron ore futures fell for a third straight session on Friday and logged their biggest weekly loss in five weeks, as stocks at Chinese ports continued to build and steel demand stayed weak.

The Panamax index inched up by one point to 2,118 points, its highest level since October 22.

The index recorded a second weekly gain, up four per cent.

Average daily earnings for Panamax vessels added $9 to $19,063.

The supramax index, for smaller vessels, rose five points, or 0.3 per cent, to 1,836 points, its highest since November 3.

The index logged a 1.4 per cent weekly rise, snapping a run of two consecutive weekly losses.