Baltic index books biggest weekly gain since mid-February

The Baltic Exchange’s main sea freight index climbed on Friday to post its best weekly gain since mid-February thanks to higher demand for capesize vessels.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 38 points, or 1.4%, to 2,788, its highest since September 2010.

The main index firmed 16.9% this week, its best since Feb. 19.

The capesize index gained 115 points, or 2.8%, to 4,192 – its highest since Oct. 6, 2020.

The index added 21.9% for the week, its best since March 5 and marking a fourth straight week of gains.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $954 at $34,762.

Iron ore futures advanced in Asia on Friday, on course for a fifth straight week of gains, as anti-pollution steel output curbs in top producer China and strengthening global steel demand propelled prices to record highs.

The panamax index dipped 56 points, or 2.1%, to 2,630.

The index, however, added 12.1% this week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, were down $509 at $23,667.

The supramax index rose 48 points to 2,085 and gained 12.8% this week.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Aditya Soni)