Baltic Index posts Weekly Gain on Higher Capesize demand

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which measures shipping rates for vessels transporting dry bulk commodities, edged higher on Friday and posted a weekly rise due to higher demand for capesize vessels.

The main index, which monitors rates for capesize, panamax and supramax shipping vessels, added 10 points, or 0.8%, to 1,421. It was up 3.5% for the week.

The capesize index gained 36 points, or 1.8%, to 2,079. The index was up more than 10% this week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $300 to $17,241.

Meanwhile, the panamax index fell six points to 1,368 and slipped 1.8% for the week.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was down $52 to $12,310.

Among smaller vessels, the supramax index shed one point to 955. The index fell 2.6% during the week.

Source: Reuters