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Baltic index logs best day in four months on higher capesize rates

The Baltic Exchange’s dry bulk sea freight index registered its biggest daily percentage gain since September on Friday, boosted by a jump in capesize vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 79 points, or 6.1%, to 1,381.

However, the index is down 2% for the week, its fourth consecutive weekly decline.

The capesize index climbed 257 points, or 31.4%, to 1,075, its highest level in more than a week.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $2,138 to $8,918.

Dalian iron ore soared over 7% on Friday and was on course to post its biggest weekly gain since mid-December, buoyed by a combination of hopes China’s stepped-up monetary easing would stimulate demand and fears over tight supply prospects.

The panamax index eased 6 points to 1,840, its lowest since April.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $58 to $16,557.

The supramax index slipped 16 points to its lowest level since February 2021 at 1,597.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Krishna Chandra Eluri)

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