Baltic main index posts fifth straight weekly rise on capesize strength
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, posted gains for a fifth straight week on Friday as capesize rates strengthened.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 19 points, or 0.6%, to 3,300 and was up 0.5% for the week.
The capesize index was up 86 points, or 2.4%, at 3,735, rising 6.4% since last week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steelmaking ingredient iron ore, increased by $712 to $30,972.
The panamax index fell 27 points, or 0.7%, to 4,101, falling for a fifth straight session.
The index was down 3.9% for the week, its first weekly decline in six.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, dropped by $240 to $36,912.
The supramax index eased 6 points to 2,891.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Vinay Dwivedi)