The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Friday to log its second straight weekly gain as capesize rates climbed to over six-week high.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 24 points, or 1.8%, at 1,325, its highest level since late-October.

The overall index gained 9.4% this week, marking its second consecutive weekly gain.

The capesize index rose 97 points, or 5.7%, to 1,802 its highest since Nov. 3, and firmed by 25.7% for the week, its biggest weekly gain in eleven weeks.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $800 to $14,943.

Ferrous metals futures in top steel producer China surged to contract highs on Friday, with iron ore marking its seventh straight weekly gain on optimism about demand and worries over supply.

The panamax index fell 31 points, or 2.2%, to 1,402, lowest since Dec. 9, and shed 4.3% for the week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dipped $278 to $12,621.

The supramax index remained unchanged at 1,057 and was up 2.5% for the week.
Source: Reuters

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