Baltic Index Slips, but Posts Best Week in Almost 2 Months
The Baltic Exchange's dry bulk sea freight index marked its biggest weekly percentage gain in almost two months, although declining on Friday on a fall in capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, shed 14 points, or about 1%, to 1,324.
The main index gained 11.4% for the week, its biggest rise since Oct. 7.
The capesize index .BACI was down 51 points, or about 3.3%, at 1,519. It posted a weekly loss of 5.8%.
Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, decreased $422 to $12,598.
Meanwhile, iron ore futures rose on Friday to post weekly gains, buoyed by expectations that top steelmaker China would relax its strict COVID-19 restrictions, lifting demand sentiment.
The panamax index .BPNI rose 16 points, or about 1%, to 1,618. It rose 9.4% this week, its highest since Sept. 9.
Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $142 to $14,564.
The supramax index .BSIS lost 3 points to 1,162, extending its decline for a fifth straight session.
(Reuters - Reporting by Ananya Bajpai in Bengaluru)