Baltic index gains on higher capesize rates
The Baltic exchange’s main sea freight index rose on Friday, driven by higher capesize vessel rates.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 45 points, or nearly 1.6%, to 2,869. But it was down 2.4% for the week.
The capesize index rose 116 points, or 3%, to 3,930. It registered a second weekly drop, falling 5.6%.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased by $959 to $32,593.
As China stepped up efforts to cool a high demand-driven rally in raw material prices, Asia’s iron ore benchmarks fell for a third straight session on Friday.
The panamax index shed 15 points, or 0.5%, to 2,855. It also marked its worst week since the week of April 9, having eased 3.6%.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, fell by $141 to $25,693.
The supramax index was up 34 points at 2,408.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Aditya Soni)