The Baltic Exchange’s main sea freight index rose for a third consecutive week on Friday, supported by strong demand for the larger capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 24 points, or 2.0%, at 1,240 – its highest level in almost a month.

The main index was up 15.2% for the week.

The capesize index rose 89 points, or 4.5%, to 2,080, and gained 36.1% this week, to mark its biggest weekly percentage gain since March 10.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $738 to $17,252.

The panamax index fell 13 points, or 1.1%, to 1,127. The index was down 5.5% this week, registering its first loss in three weeks.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $124 to $10,139.

Among smaller vessels, the supramax index fell 8 points to 743.

Source: Reuters