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Freight

Baltic index posts best week in eight on strong vessel rates

The Baltic Exchange’s main sea freight index advanced on Friday, booking its biggest weekly gain since early October, on the back of higher rates across all vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 11 points, or 0.9 %, to a more than three-week high of 1,230. The index firmed 7.1% this week.

The capesize index gained 24 points, or 1.6%, to 1,533, the highest since Nov. 12. The index rose 6.8% for the week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $198 to $12,712.

Ferrous futures in China traded higher on Friday, with iron ore notching its third straight weekly gain and hot-rolled coil prices its sixth, as falling steel stockpiles fuelled demand hopes.

The panamax index edged up 3 points, or 0.2%, to an over six-week high of 1,429, and posted a weekly gain of 5.6%.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $33 to $12,863.

The supramax index rose by 7 points to 1,018, a near 13-month high, and finished 9.5% higher this week.
Source: Reuters (Reporting by Bharat Gautam in Bengaluru; Editing by Aditya Soni)

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