Baltic index up for 6th straight week on robust vessel demand
The Baltic Exchange’s main sea freight index edged higher on Friday, helped by an uptick in rates for capesize and panamax vessels, and posted a sixth consecutive weekly gain.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, gained 11 points, or 0.6%, to 1,749 and rose 12.5% this week.
The index has surged about 60% so far this year and has recouped losses brought about by the coronavirus pandemic that sapped demand for vessels.
The Baltic capesize index inched up by 6 points, to 4,218, and recorded its fourth straight weekly rise, gaining 8.1%.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, rose by $246 to $29,641.
The panamax index was up by 3 points at 1,256, its highest since Dec. 19.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $33 to $11,306.
The supramax index was unchanged at 678.
Source: Reuters (Reporting by Nakul Iyer in Bengaluru; Editing by Shailesh Kuber)