The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, edged lower on Friday and recorded its weakest monthly performance since April.
The main index, which tracks rates for capesize, panamax and supramax shipping vessels, fell 17 points, or 0.9%, to 1,966 points. It was down about 7.9% for the month. Its last monthly fall was in April, when it posted a 13.3% loss.
The capesize index lost 16 points, or 0.5%, to 2,929 and logged its biggest monthly fall in six months.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased $140 to $24,288.
Iron ore futures slid on Friday, weighed down by dwindling demand and rising inventories in top consumer China, but hopes of a trade deal between the world’s two-largest economies kept prices on track for weekly and monthly gains.
The panamax index fell 28 points, or 1.5%, to 1,821. However, the index climbed 2.5% in October.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was down by $254 to $16,389.
Among smaller vessels, the supramax index lost 10 points, or 0.8%, to 1,326.
Source: Reuters
