Baltic Index Rises to Over 20-wk High
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday as rates for capesize vessels climbed to four-month highs.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 19 points, or 1.3 percent, at 1,472 points, its highest since Dec. 20.
* The index was up about 6.4 percent for the week, its biggest gain in three weeks.
* The capesize index rose 65 points, or 2.5 percent, to 2,630 points, its highest in four months, and was up over 12.5 percent for the week.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $494 at $20,684.
* The panamax index was down 1 point, or about 0.1 percent, at 1,245 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were unchanged at $10,034.
* The supramax index rose 1 point to 1,053 points.
Reporting by Nithin Prasad in Bengaluru; Editing by Maju Samuel