BENGALURU: The Baltic Exchange’s dry bulk sea freight index rose to its highest level in nearly three months on Friday, buoyed by gains across all vessel segments, and logged a 12.1percent weekly rise. The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, was up 79 points, or 2.5percent, at 3,186, its highest level since June 2. The index rose 12.1percent for the week. The capesize index gained 198 points, or 3.9percent, to 5,336, also its highest level since June 2. The index gained 17.2percent this week.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, rose USD 1,798 to USD44,896.
Iron ore futures rose, clinching weekly gains, supported by destocking at major ports in top buyer China. The panamax index was up 23 points, or 1percent, at 2,315, marking its highest level since June 2. The index logged a 10.1percent weekly decline.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, rose USD202 to USD20,834. Among smaller vessels, the supramax index gained 2 point, or 0.1percent, to 1,647. The index gained 0.4 percent this week.