Baltic index logs biggest weekly rise in four months on Capesize strength

The Baltic Exchange's main sea freight index jumped on Friday, posting its biggest weekly gain in over four months, supported by a steady rise in Capesize vessel rates.

The main index gained 22 points, or 1.1 per cent, to 2,052 points, its highest level since September 30, 2024. The contract logged its highest weekly percentage gain since late February.

The Capesize index rose 63 points, or 2.1 per cent, to 3,084, hitting its highest level in a month. The contract gained over 43 per cent for the week. Average daily earnings for Capesize vessels increased $520 to $25,575.

Dalian iron ore futures climbed to their highest close in four and a half months and logged a fourth consecutive weekly gain, as an upbeat demand outlook and hopes for further policy support from Beijing boosted market sentiment.

The Panamax index fell 14 points, or 0.7 per cent, to 1,919. However, the contract gained over three per cent for the week.

Average daily earnings for Panamax vessels lost $127 to $17,272.

Among smaller vessels, the supramax index added 11 points, or 0.8 per cent, to 1,346.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Shreya Biswas)