The Baltic Exchange's dry bulk freight index rose to a more-than-two-month high on Friday and posted a weekly gain, supported by stronger capesize and panamax vessel rates.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, was up 32 points, or 1.1%, to 3,089, its highest level since June 3 and up 13.1% for the week.
The capesize index gained 76 points, or 1.5%, to 5,128, also its highest since June 4. The index gained 19.4% for the week.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, rose by $696 to $43,009.
Dalian iron ore futures rose for a third straight session on Friday, supported by a looming strike at BHP Group's Port Hedland operations and tensions in China's ore-buying negotiations with Rio Tinto.
The panamax index was up 23 points, or 1%, to 2,298, hitting its highest level since June 3 and logging a weekly gain of 10.1%.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, rose $211 to $20,684.
Among smaller vessels, the supramax index lost 5 points, or 0.3%, at 1,603, its lowest level since June 8. The index marked a weekly loss of 0.4%.
(Reuters)