The Baltic Exchange's dry bulk sea freight index saw a marginal uptick on Friday but marked its third consecutive weekly decline, hovering near multi-week lows. The overall index, considering capesize, panamax, and supramax vessels, rose slightly, yet recorded a 10.8% weekly drop. Capesize rates, despite a brief increase, fell 17.4% for the week. Panamax rates experienced a modest weekly gain, while supramax rates slid for the 13th consecutive session, dropping 4% weekly. Notably, major shipping companies like Maersk and CMA CGM are implementing extra charges due to vessel rerouting in the Red Sea following attacks. Meanwhile, challenges persist for ships opting for the Cape of Good Hope route, facing dilemmas in refueling and restocking at African ports grappling with red tape and inadequate facilities.

SOURCE:GOOGLE