Baltic Index Logs Weekly Gain as Rates Across Vessels Rise
The Baltic Exchange's dry bulk sea freight index rose on Friday, marking a weekly rise, steered by higher rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 45 points, or 2.8%, to 1,643. The index added 12.4% this week.
The capesize index added 103 points, or 4.1%, to 2,589, up 21.4% for the week.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, gained $855 to $21,473.
Iron ore continued its rally, on track for a third week of gains, supported by supply concerns and resumed hopes of improved demand from China's largest steel consumer - the property sector - following a slew of positive signals.
The panamax index rose 30 points or 2%, to 1,530. The index gained over 5% for the week.
Average daily earnings for panamax vessels .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, added $272 to $13,773.
Among smaller vessels, the supramax index was up 9 points or 0.8% to 1,125.
Freight costs for ships using Ukraine's alternative export corridor have risen following an attack on a cargo vessel in the Black Sea off Odesa, brokers said.
(Reuters - Reporting by Tina Parate in Bengaluru; Editing by Tasim Zahid)