The Baltic Exchange’s main sea freight index rose on Friday and recorded its best week in about four months as panamax rates marked their biggest weekly gain in more than eight years. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 35 points, or about 3%, at 1,213. The index recorded a weekly gain of about 11.7%, its highest since mid-May.

The capesize index snapped its three-day falling streak, gaining 20 points, or about 3%, to 672. It posted a weekly loss of 8.3% and has declined for seven out of the last eight weeks.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, rose $167 to $5,574.

The panamax index was up for the seventh consecutive session, gaining 108 points, or about 6.2%, to 1,865, an over three-week high. It posted a 46.7% weekly gain, its best since early July, 2014.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $971 at $16,786.

Analysts have attributed the gains mostly to higher grain shipments, especially from Brazil, of late.

Meanwhile, India restricted rice exports after shipments jumped sharply in the past few months and amid concerns over the new season crop because of below-average rainfall in four key producing states, a top government official said.

The supramax index, which has not seen a single session of gains in over two weeks, lost 2 points to 1,475.

The Baltic Exchange’s main sea freight index registered its worst fall in three months on Thursday, weighed down by lower demand for coal and iron ore cargoes as steel output fell in China.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 90 points, or about 7.4%, to 1,123 points, a fresh low since Dec. 9, 2020.

“Current uncertainties in the global economy, along with the much higher commodity prices, especially for coal, are not doing the market any favours,” said Niels Rasmussen, chief shipping analyst at BIMCO.

“This would be a fairly strong additional indicator that the prospects for the global economy for the next month or two are not looking up at least,” he added.

The capesize index fell 206 points, or about 30.3%, to 474 points, hitting a low since early June 2020.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $1,705 to $3,931.

Crude steel output from China, the world’s top producer and consumer of the metal, dropped 6.4% to 81.4 million tonnes in July, World Steel Association data showed on Tuesday.

“It’s going to take some moves, more than likely in China, to really spur demand to come and see some strong improvements for the rest of the year,” Rasmussen added.

The panamax index continued its month-long losing streak, shedding 67 points, or 4.5%, at 1,424 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $606 to $12,816.

The supramax index snapped its nine-session winning streak, falling 10 points to 1,763 points.

The Baltic Exchange’s main sea freight index fell to a fresh six-month low on Friday and posted its fourth consecutive weekly decline as rates slid across vessel segments.

 

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 79 points, or 5.1%, to 1,477 points. It was down 5.3% on the week.

 

The capesize index lost 224 points, or 14.6%, to a six-month low of 1,314 points. The index fell 6.9% for the week, its fourth straight drop.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $1,859 at $10,898.

 

Dalian and Singapore iron ore futures fell as traders weighed demand prospects in top steel producer China, plagued by a debt crisis in its real estate industry.

 

The panamax index was down for the 14th straight session, shedding 20 points, or 1%, to 1,907 points, its lowest in more than three weeks. It fell 3.1% for the week in its third consecutive decline.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $178 to $17,161.

 

Maize crop conditions in the EU’s top grain producer France declined steeply last week to their lowest in at least a decade, data from farm office FranceAgriMer showed, due to a worsening drought and heatwave.

 

Meanwhile, two more ships left Ukraine’s Black Sea ports, including one laden with the first Ukrainian wheat to be exported under a U.N.-brokered deal, Turkey’s defense ministry said.

 

The supramax index rose for the first time since July 22, adding two points to 1,593 points. However, it shed 6.3% for the week, its third weekly drop.