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Baltic index logs weekly gain on firm vessel demand

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The Baltic Exchange’s main sea freight index rose for a fourth straight session and booked its first weekly gain in four on Friday, propelled by stronger demand across vessels.

The overall index, which factors in rates for capesize, panamax and supramax vessels, added 116 points, or 4.7%, to 2,578.

The index was up 11.1% for the week.

The capesize index gained 285 points, or 10.6%, to 2,987, notching a weekly rise of 26%, its biggest since mid-May.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $2,365 to $24,776.

The gains came even as Dalian iron ore extended losses to a sixth session after Chinese steel mills opted to reduce output amid weak profits and deteriorating demand prospects.

The panamax index added 72 points, or 2.6%, to 2,862 points.

The index has gained nearly 9% this week, its best week since mid-April.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased by $644 to $25,757.

The supramax index edged up 7 points to 2,467.

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