Baltic Index climbs to over One-Month High on gains across all Vessels

LONDON: The Baltic Exchange’s dry bulk sea freight index rose to its highest in more than a month on Friday, supported by higher rates across all vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 15 points, or 0.7%, to 2,126 points, its highest level since July 28. The weekly contract was up 7.4%, its best week since July 21.

The capesize index rose 29 points, or 1%, to 3,070 points, with the weekly contract up about 8.3%, its strongest week since July 21.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $239 to $25,457.

Iron ore futures were range-bound on Friday, and set to gain for a third straight week, aided by improving demand in top consumer China and supply concerns over Guinea-based projects, although higher ore and steel inventories capped gains.

The panamax index gained 8 points, or 0.4%, to 2,006 points, its highest level since May 2024. The contract posted its best week since July 7, rising 11.3%.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $73 to $18,056.

Among smaller vessels, the supramax index rose 8 points, or 0.5%, to 1,492 points. The contract was up 2.5% for the week.

Source: Reuter