Baltic index logs weekly gain on stronger rates across all vessel segments
The Baltic Exchange’s dry bulk sea freight index gained on Friday and posted its best week in overseven weeks, steered by firmer rates across vessel types.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 18 points, or about 1%, to 1,919 points. The index was up about 11% for the week.
The capesize index edged down by 6 points, to 2,839, but registered a weekly rise of over 11%.
Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $55 to $23,543.
Iron ore futures prices retreated but were on track for a second straight week of gains as demand improved in top consumer China.
The panamax index was up 40 points, or 2.1%, at 1,916 points. The contract was up for a second straight week.
Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, gained $361 to $17,246.
Among smaller vessels, the supramax index was up by 29 points, or 2.1%, to 1,394 points and recorded a weekly rise of 9.6%.
Source: Reuters (Reporting by Daksh Grover in Bengaluru; Editing by Tasim Zahid)