Baltic index marks best week in over 3 months as vessel rates rise
The Baltic Exchange’s dry bulk sea freight index advanced on Friday to post its biggest weekly rise since mid-August, propelled by gains across vessels segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, added 56 points, or 1.8%, to a one-month high of 3,171.
The main index gained 14.6% this week, registering its biggest weekly rise since the week ended Aug. 20.
The capesize index gained 60 points, or 1.3%, to 4,595, a peak since Oct. 27. It logged its highest weekly gain in about two months at 17.6%.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $492 to $38,096.
Benchmark iron ore futures in China dropped, shedding more than 5% during the session, as production at steel mills stayed sluggish amid government curbs.
The panamax index rose 98 points, or 3.2%, to 3,128. It posted a 19.3% weekly jump, its best since the one ended March 19.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, was up $883 at $28,154.
The supramax index increased 29 points, or 1.2%, to 2,431, its highest level in a month.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Vinay Dwivedi)