Higher Capesize, Panamax Rates Lift Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third straight session on Friday, buoyed by stronger capesize and panamax vessel rates.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, climbed 35 points, or 3.87 percent, to 939 points.
The index, which touched its highest level since Jan. 19, was up for the third straight week.
"Activity in both the Atlantic and Pacific markets remains firm," Clarksons Platou analysts said in a client note.
"The dry bulk market continues to push higher across the segment with Capesize rates leading the run, as global Capesize earnings have bumped up to around $9,400 per day."
The capesize index increased 130 points, or 11.85 percent, to 1,227 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, was up $854 at $9,425, their highest since Jan. 25.
The panamax index rose for the eighth straight day, gaining 34 points, or 3.14 percent, at 1,118 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $271 to $8,982, levels last seen in mid-December.
Among smaller vessels, the supramax index rose 6 points to 846 points, and the handysize index rose 5 points to 462 points.
(Reporting by Swati Verma in Bengaluru)