The Baltic Exchange’s main sea freight index rose on Friday and posted a sixth consecutive weekly gain, steered by strong demand for panamax and supramax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 24 points, or 1%, to 2,374 points. The index was up 1.2% for the week.

The panamax index gained 101 points, or 4.7%, to 2,234 points, its highest level in over three months. It logged a weekly rise of 20%.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $909 at $20,106.

Analysts highlighted that the panamax sector is getting a boost from improved sentiment in the Atlantic and East Coast South America.

Among smaller vessels, the supramax index, was up by 12 points at 1,326 points. It gained for a sixth straight week.

The capesize index was down by 23 points, or 0.6%, at 4,019, its lowest level in over a week and slipped 5.3% for the week.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $189 to $33,332.

Iron ore futures prices tumbled to a more than six-month low amid sluggish spot buying appetite and bleak demand prospects in top consumer China.

Source: Reuters reported by Sherin Elizabeth Varghese in Bengaluru and edited by Maju Samuel