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Baltic index posts second weekly gain on capesize strength

The Baltic Exchange’s dry bulk sea freight index on Friday extended gains and posted a second consecutive weekly rise, buoyed by a jump in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 19 points to 2,110 points, hitting its highest level in nearly three months.

The index was up more than 5% this week, logging its best week since Sept. 2.

The capesize index jumped 109 points to 3,689 points, its highest since early July.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $908 to $30,598.

The panamax index was down 52 points, or 3.5%, at 1,446 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $471 to $13,013.

Iron ore futures prices rallied for a fourth straight session and eyed a weekly gain of more than 10%, underpinned by fresh interest rates cuts in top consumer China and expectations of more fiscal and property stimulus.

Among smaller vessels, the supramax index was down 8 points at 1,306.
Source: Reuters (Reporting by Anushree Mukherjee and Anjana Anil in Bengaluru; Editing by Shreya Biswas)

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