Baltic index rises on gains in smaller vessels

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The Baltic Exchange’s dry bulk sea freight index rose on Friday on gains in the panamax and supramax vessel rates that also countered a small dip in the capesize segment.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 44 points to 2,148 points.

The index rose for a second straight week, gaining 3.5%.

The capesize index dropped 4 points to 1,635 points and fell about 3.3% this week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $36 to $13,560.

Meanwhile, benchmark iron ore futures in China surged clocking their biggest weekly gain in more than two years at nearly 20% on supply disruption fears over the Russia-Ukraine conflict.

The panamax index was up 86 points, at 2,785 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $768 to $25,061.

Among smaller vessels, the supramax index rose 66 points to 2,586 points.

Source: Reuters

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