The Baltic Exchange's dry bulk freight index rose to a nearly five-year high on Friday, and posted a weekly gain, buoyed by strong rates in its Capesize segment.
The main Baltic index added 140 points, or four per cent, to reach 3,628, its highest since October 2021. The index was up about 13.9 per cent for the week.
The Capesize index was up 385 points, or 6.4 per cent, at 6,427, highest since December 2023. The index gained 20.4 per cent this week.
Average daily earnings for Capesize vessels rose by $3,493 to $54,791, posting a weekly gain of 22 per cent.
Iron ore futures rose driven by a surge in freight costs and destocking at major ports in top buyer China, posting a second straight weekly gain.
However, the Panamax index fell nine points, or 0.4 per cent, to reach 2,448.
Average daily earnings for Panamax vessels fell $78 to $22,035.
The supramax index was up seven points, or 0.4 per cent, at 1,675.
(Reporting by Katha Kalia in Bengaluru; Editing by Diti Pujara)