Baltic index posts weekly rise on stronger vessel rates
The Baltic Exchange’s dry bulk sea freight index hit a one-month peak on Friday and logged a weekly gain, as rates across all segments pushed higher.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 29 points, or 1.8%, at 1,610 points, its highest since Jan 10. The index was up 4% for the week.
The capesize index gained by 54 points, or 2.3%, to 2,448 points and was up around 3% for the week.
Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $454 to $20,304.
The panamax index rose for a ninth straight session. It added 23 points, or 1.4%, to 1,646 points, and climbed 9% higher for the week.
Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, was up by $210 at $14,817.
Among smaller vessels, the supramax index rose by 13 points at 1,071 points, touching a one-month high.
Shipping companies have rerouted container vessels away from the Red Sea to avoid Houthi militant attacks that have multiplied since early December, disrupting supply chains for firms reliant on the Suez Canal to get products from Asia to Europe.
Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Vijay Kishore)