Baltic index climbs to 3-week high on stronger vessel demand

The Baltic Exchange’s main sea freight index on Friday rose to its highest level in three weeks and registered its first weekly gain in seven, helped by firmer vessel demand across all segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, climbed 61 points, or 4.2%, to 1,528 points, its highest since Nov. 6.

The index gained 19% this week, snapping six consecutive weeks of losses and registering its biggest weekly gain since mid-August.

The capesize index was up 136 points, or 4.5%, at 3,131 points, its highest since Oct. 16.

The index rose 25.6% this week, marking its highest weekly gain since early July.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $1,090 to $23,865.

The panamax index rose 58 points, or about 5% to 1,225 points, to mark its biggest one-day percentage gain since July 11.

The panamax index rose 8.5% this week, marking its second straight weekly rise.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $462 to $9,822.

The supramax index edged 9 points higher to 816 points, registering its eighth straight session of gains.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Maju Samuel)