Baltic index gains for third week as larger vessel rates rise
The Baltic Exchange’s main sea freight index gained for a third straight week on Friday, as rates for the larger capesize and panamax vessel segments rose.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 66 points, or 3%, to 2,281, its highest since September 2019.
The main index rose over 16% this week.
The panamax index advanced 153 points, or 5.4%, to 2,975, its highest since September 2010. The index was up over 32% for the week, its best weekly gain since week ended June 19, 2020.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose $1,373 to $26,773.
The capesize index advanced 68 points, or 3%, to 2,344, its highest since Jan. 26. It was up over 16% for the week.
Chinese iron ore and coke futures on the Dalian Commodity Exchange slumped as traders fretted over prospects of further production cuts in the top steelmaking city of Tangshan.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $564 to $19,437.
The supramax index rose 8 points to 2,122, its highest since at least April 2017, according to Refinitiv Eikon data.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Vinay Dwivedi)