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Baltic index posts biggest weekly rise in 2 months as vessel rates firm

The Baltic Exchange’s dry bulk sea freight index climbed on Friday, posting its biggest weekly gain since early October, steered by strong gains across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 89 points, or 3.3%, to its highest in two weeks at 2,767.

For the week, the main index rose 8.4%, registering its biggest weekly rise since the one ended Oct. 1.

The capesize index rose 130 points, or 3.4%, to 3,906, and saw a weekly increase of 8.2%.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $2,672 to $27,027.

Iron ore and steel futures in China, the world’s biggest steel producer, fell as the detection of a new coronavirus variant in South Africa and fresh COVID-19 cases in Shanghai fanned investor concerns about global economic recovery.

The panamax index gained 132 points, or 5.3%, to 2,621. It posted a 14.9% weekly jump.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, was up $1,182 at $23,586.

The supramax index increased 32 points, or 1.4%, to its highest in nearly three weeks at 2,316.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru).

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