Baltic Index climbs on higher Capesize and Supramax Rates

LONDON: The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, edged up on Friday due to higher rates in capesize and supramax vessel segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 8 points, or 0.4%, to 2,025 points, logging a weekly gain of 4.2%, its best week since 21 July.

The capesize index gained 41 points, or 1.4%, to 2,925 points. The index logged a weekly gain of 4.7%, but fell about 9.7% in the month.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, rose $339 to $24,257.

Iron ore futures traded in a narrow range on Friday, but were set for a weekly gain, supported by steady demand from top consumer China and falling inventories.

The panamax index was down 27 points, or 1.4%, at 1,847 points, but gained 4.4% for the week and 11.3% for the month.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell $242 to $16,623.

Among smaller vessels, the supramax index climbed 4 points, or 0.3%, to 1,465 points, up for the fourth straight week and logging a weekly gain of 2.9%.
Source: Reuters