The Baltic Exchange’s main sea freightindex notched its second weekly gain in a row, aided by strongdemand for all vessel segments, even as it eased on Friday onlower capesize rates.

The Baltic dry index, which tracks rates forcapesize,panamax and supramax vessels ferrying dry bulk commodities,dropped 72 points, or 4.1%, to 1,698, but firmed 26.8% this week.

This was its best weekly showing since Sept. 25, 2020.

The capesize index fell 177 points, or 9.4%, to1,715.

The index climbed about 38% for the week, its first weeklygainin four.

Average daily earnings for capesizes, which typicallytransport150,000-tonne cargoes such as iron ore and coal, were down$1,466 to $14,224.

Iron ore futures in Asia fell on Friday after a survey ofpost-Lunar New Year inventories of steel products in Chinashowed a significant increase, dampening hopes for mills to rampup output immediately following the week-long holiday.

The panamax index retreated 139 points, or 5.6%,at2,332.

However, the index gained 20% this week to log its bestweek inover six months.

Average daily earnings for panamaxes, which usually carrycoalor grain cargoes of about 60,000 tonnes to 70,000 tonnes, dipped$1,246 to $20,991.

The supramax index rose 72 points to 1,513, itshighestlevel as per Refinitiv Eikon records going back to April 2017.

The index firmed 24% this week, its strongest sinceFebruary2019.

Source: Reuters