Baltic Dry Index Logs Second Straight Weekly Gain
The Baltic Exchange's main sea freight index rose for the second straight week on Friday, led by strong demand in the panamax vessel segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 8 points, or 0.7%, to 1,136.
The main index was up 2.3% for the week, its second straight weekly gain.
The panamax index rose 21 points, or 1.9%, to 1,133.
The index jumped 16.2% in its best week since March 3.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $190 to $10,200.
The capesize index was up 15 points, or 0.8%, at 1,818, but fell 0.7% for the week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $124 to $15,080.
Dalian iron ore futures dipped on Friday, but Singapore iron ore futures recovered as traders hopes for a more substantial aid for China's property sector countered fears of slowing steel output.
Among smaller vessels, the supramax index fell 7 points to 688.
(Reuters - Reporting by Anushree Mukherjee; Editing by Shinjini Ganguli)