Baltic index rises on strengthening Capesize and supramax rates

The Baltic Exchange's main sea freight index edged up on Friday due to higher rates in Capesize and supramax vessel segments.

The main index rose eight points, or 0.4 per cent, to 2,025 points, logging a weekly gain of 4.2 per cent, its best week since 21 July.

The Capesize index gained 41 points, or 1.4 per cent, to 2,925 points. The index logged a weekly gain of 4.7 per cent, but fell about 9.7 per cent in the month. Average daily earnings for Capesize vessels rose $339 to $24,257.

Iron ore futures traded in a narrow range on Friday, but were set for a weekly gain, supported by steady demand from top consumer China and falling inventories.

The Panamax index was down 27 points, or 1.4 per cent, at 1,847 points, but gained 4.4 per cent for the week and 11.3 per cent for the month. Average daily earnings for Panamax vessels fell $242 to $16,623.

Among smaller vessels, the supramax index climbed four points, or 0.3 per cent, to 1,465 points, up for the fourth straight week and logging a weekly gain of 2.9 per cent.

(Reporting by Pablo Sinha; Editing by Sahal Muhammed)