The Baltic Exchange’s dry bulk sea freight index saw an increase on Friday, driven by heightened demand across various vessel segments. This index, which tracks the rates for capesize, panamax, and supramax shipping vessels, climbed by 20 points, or 1.6%, reaching a total of 1,261 points. However, despite this uptick, the index recorded a 1% decline over the week, marking the fifth consecutive week of losses.
Specifically, the capesize index experienced a rise of 22 points, equivalent to 1.3%, finishing at 1,678 points. Despite this increase, the capesize index fell 7% throughout the week. Average daily earnings for capesize vessels, which typically transport significant cargoes such as iron ore and coal, saw a boost of $179, bringing their earnings to $13,913.
In the panamax segment, the index gained 35 points, a notable 2.8% increase, reaching 1,273 points. This indicates a solid weekly gain of 2.8%. Average daily earnings for panamax vessels, which are designed to carry 60,000-70,000 tons of coal or grain, increased by $322, bringing the total to $11,460.
Among the smaller vessel categories, the supramax index recorded a slight rise of seven points, or 0.7%, reaching 950 points and set to achieve its second consecutive week of gains. It is important to note that the Baltic Exchange will pause trading on Friday and Monday in observance of Good Friday and Easter.