The Baltic Exchange's dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped a thirteen-day losing streak on Friday, supported by strong rates across the capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 20 points to 735 points, recording gains for the first time since Jan. 13. The contract was down 8.1% this week.
The capesize index gained 33 points to 874 points. The index was down over 14.4% for the week.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, gained $275 to $7,252.
The panamax index gained 33 points to 800 points. The index also posted a weekly loss. Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain, increased by $300 to $7,199.
Among smaller vessels, the supramax index was down 2 points at 603 points, its lowest since June 2020. The index was down for the sixteenth straight week and fell 5.3% during the week.