Baltic Index hits over Three-Week High, Ends week firmer

LONDON: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to an over three-week high on Friday and recorded a weekly gain, supported by improved rates across all vessel segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 41 points, or 2%, to 2,104 points, its highest level since October 13. The index gained 7% for the week.

The capesize index gained 99 points, or 3.1%, to 3,341, its highest in over three weeks and logged a weekly gain of 14.1%, marking a second straight week of increases.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $821 to $27,709.

Dalian iron ore futures declined on Friday and logged a weekly loss as weakening steel demand and production cuts pressured prices in top consumer China.

The panamax index rose 16 points, or 0.9%, to 1,833 and was on track for a weekly gain.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was up by $150 to $16,501.

Among smaller vessels, the supramax index gained 7 points, or 0.5%, to 1,319.
Source: Reuters