Baltic index posts best week in six on strong momentum in capesizes
The Baltic Exchange’s main dry bulk sea freight index rose to a 13-year high on Friday as gains in capesize vessel segment helped the index to register its biggest weekly percentage rise in six.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 35 points, or 0.7%, to 5,202, its highest level since September 2008. The index has risen 12% this week.
The capesize index increased by 122 points, or 1.4%, to 9,066, also scaling a 13-year peak. The index is up 22.6% this week.
Shipping analysts have attribute the gains in capesize to congestion in China, high iron ore exports and abundant coal imports.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $1,014 to $75,190.
The panamax index fell 21 points, or 0.5%, to 3,992, and registered a 0.5% fall this week.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased $190 to $35,929.
The supramax index added 1 point to 3,383.
Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber)