Baltic Index Posts 4th Weekly Gain
The Baltic Exchange's main sea freight index rose on Friday to its highest in more than six weeks, marking the fourth straight weekly gain, as earnings increased across all vessel categories.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, increased by 18 points, or 3%, to 617, its highest since Jan. 22.
The index climbed more than 15% this week, registering its fourth consecutive weekly gain.
The capesize index fell 5 points to -312.
Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes including iron ore and coal, rose by $27 to $2,542.
The panamax index climbed 42 points, or 4.1%, to 1,068, its highest since Dec. 24, 2019. The index rose for 22 sessions in a row.
The index jumped 18% this week to mark its fourth consecutive weekly gain.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, gained $379 to $9,610.
The supramax index climbed 17 points to 688.
(Reporting by Anjishnu Mondal in Bengaluru; Editing by Sherry Jacob-Phillips)