The Baltic Exchange’s main sea freight index rose on Friday and logged its best week in five, helped mostly by a rebound in the capesize segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, edged up 13 points to 1,110. It posted a weekly gain of 13.5%.
The capesize index rose 29 points, or 1.6%, to 1,830. The index rose 27% this week, its best in five.
The capesize index on Wednesday had hit its highest in nearly five months, rebounding from a more than one-and-half-month low at the start of the week, powered mostly by higher South American iron ore exports.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased by $243 to $15,180.
Iron ore futures declined on Friday on concerns about looming steel output caps and the lack of stimulus updates from China.
The panamax index gained 20 points, or 2.1%, to 975, a peak since July 19. The index gained about 5.5% for the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $180 to $8,774.
Among smaller vessels, the supramax index fell by 7 points to 726.
Source: Reuters reported by Sherin Elizabeth Varghese in Bengaluru edited by Shilpi Majumdar
