The Baltic Exchange’s dry bulk sea freight index edged up on Friday and was on track for a weekly gain, supported by stronger Capesize and Panamax vessel rates.
The main index rose 13 points to 1,936 points, marking a 1.8 per cent gain for the week.
The Capesize index climbed 13 points to 2,799 points, posting a 2.8 per cent weekly increase. Average daily earnings for Capesize vessels increased by $115 to $23,216.
Prices of iron ore futures also rose on Friday and logged weekly gains, supported by expectations of stronger steel prices and improved market fundamentals.
The Panamax index advanced 34 points to 1,764 points, ending the week 6.1 per cent higher. Average daily earnings for Panamax vessels rose by $305 to $15,873.
Among smaller vessels, the supramax index slipped one point to 1,402 points, its lowest level since August 22, recording a 3.1 per cent weekly decline.
(Reporting by Pablo Sinha in Bengaluru; Editing by Tasim Zahid)
