Baltic Index hits 17-week high, posts fourth straight weekly gain

LONDON : The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, hit a 17-week peak on Friday and posted a fourth straight weekly gain, as rates firmed for all segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 19 points to 1,669 points. It was up 18% for the week.

The capesize index was down 36 points at 2,857 points, but was on track for its fourth straight week of gains, up 19.5% for the week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, fell $295 to $23,697, even as they were set for a weekly gain.

Prices of iron ore futures climbed to their highest levels in nearly two weeks, and were on track for a weekly gain, supported by resilient demand and rising expectations of additional stimulus measures in top consumer China.

The panamax index hit a five-month high, adding 65 points to 1,365, a weekly gain of 31%.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $587 to $12,287, its highest since October 14.

Among smaller vessels, the supramax index rose 35 points to 930 points, a near 12-week high, up 4% for the week.

Source: Reuters