Strong Vessel Rates Drive Baltic Index to Best Week in 8 Months

The Baltic Exchange's dry bulk sea freight index rose for a fourth straight session on Friday and registered its biggest weekly gain since June 2021, supported by strong demand across vessel segments.

The overall index, which factors in rates for capesize, panamax, and supramax vessels, rose 37 points, or 1.9%, to 1,977, its highest level since Jan. 12.

The index has risen nearly 39% this week.

The capesize index eased 47 points, or 2.5%, to 1,857. However, the index gained nearly 50% this week.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell by $392 to $15,397.

The panamax index gained 70 points, or 3%, to 2,403.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $625 to $21,623.

The supramax index climbed 101 points to 2,158. 

(Reporting by Brijesh Patel in Bengaluru; Editing by Ramakrishnan M.)