Baltic index posts second weekly jump as vessel demand grows
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, was up on Friday, advancing for a second week in a row, on higher rates across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, climbed 62 points, or 2.7%, to a more than one-year high of 2,385.
The main index firmed 14.4% this week, recording its best week since March 19.
The capesize index gained 56 points, or 1.7%, at 3,439, a peak since October last year.
The index added 19.3% for the week and marked its third weekly gain in a row.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $464 at $28,520.
Chinese coking coal futures surged almost 6% on Friday, climbing to a three-month peak, after some major coal-producing regions ramped up their safety inspections, stoking supply concerns.
The panamax index jumped 113 points, or 5.1%, to an over one-week high of 2,347.
The index grew 17.2% this week, and was up for the first week in four.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, added $1,009 at $21,119.
The supramax index rose 38 points to 1,849, gaining 3.9% this week and logging its first weekly rise in four.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Amy Caren Daniel)