Baltic index sees best week since early October on capesize strength
The Baltic Exchange’s dry bulk sea freight index was up this week, hitting a seven-week peak on higher rates for the bigger capesize segment on Friday.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, jumped 82 points, or about 6.6%, to 1,324 on Friday.
The index gained 11.4% this week, its highest since early October.
The capesize index (.BACI) extended its winning streak for the third day, up 229 points, or 16.6%, to 1,613. The index gained 43.8% in the week to a two-month high.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $1,894 to $13,373 on Friday, extending a rally on recently unveiled support measures for China’s property sector.
The panamax index (.BPNI) fell for the fifth consecutive week losing 7.2%. But the index gained for the second day and edged up 13 points, or 0.9%, at 1,479.
Average daily earnings for panamax vessels (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $115 to $13,310.
The supramax index (.BSIS) was up 1% for the week, ending a seven-week losing streak, and added 8 points to 1,182 for the day.