The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Friday and logged its third straight weekly gain, helped by stronger capesize and panamax vessel rates.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, was up 65 points, or 2.37%, at 2,805 points — extending gains to its highest level since October 12
The index posted a 3.4% weekly rise
The capesize index rose 153 points, or 3.65%, to 4,344 points, hitting its highest level in nearly a month
The capesize index also recorded a third consecutive weekly gain, up 5.3%
Average daily earnings for capesize vessels, which typically transport 150,000-metric-ton cargoes, including iron ore and coal, increased by $1,382 to $35,892
Iron ore futures were steady on Friday and notched a second weekly gain, supported by expectations of further coke price cuts that could ease cost pressures on steel mills
The panamax index added 47 points, or 2.40%, to reach 2,003 points, its highest level since October 27
The index gained 6% this week
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, rose by $427 to $18,030
Among smaller vessels, the supramax index lost 9 points, or 0.49%, to reach 1,815 points, extending losses to its lowest since October 9
The index logged a 2.7% weekly fall, its second consecutive weekly decline
(Reuters)