The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for a second straight session on Friday, steered by strong gains in the capesize vessel segment.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 79 points to 1,048 points. However, it was down 2.2% for the week.
The capesize index rose 284 points at 1,448 points, its highest level since Dec. 10, 2024. The index gained about 5.3% this week. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $2,357 to $12,010.
Iron ore futures edged up, aided by stimulus expansion from top consumer China, but ended the week lower on seasonally softening demand for the key steelmaking ingredient.
The panamax index fell by 39 points to 953 points, its lowest level since July 2023, while also posting its biggest weekly decline since Nov. 18, 2024. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $357 to $8,574.
The supramax index fell 11 points to 830 points and recorded its 13th consecutive weekly loss.