The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Friday to mark a weekly gain on the back of higher rates across all the vessel segments.
The overall index. BADI, which factors in rates for capesize, panamax, and supramax shipping vessels, gained 50 points, or 2.6%, to 1,997. The index rose 2.9% this week.
The capesize index. BACI rose 113 points, or 3.6%, to 3,296. The contract was up 0.6% this week.
Average daily earnings for capesize vessels. BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, was up $942 to $27,338.
Iron ore futures are set for a weekly fall amid a flurry of profit-taking, ahead of top consumer China’s third plenum, although growing expectations of U.S. rate cuts pushed up prices on Friday.
The Panamax index. BPNI rose 40 points, or about 2.4%, to 1,678. The index gained 9.6% this week.
Average daily earnings for Panamax vessels. BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, increased $367 to $15,106.
Among smaller vessels is the supramax index. BSIS edged higher by 3 points, or 0.2%, to 1,364. The index was up 2.2% this week.
LSEG ship tracking data showed on Friday that a Chevron-chartered oil tanker seized by Iran more than a year ago is heading toward the Sohar port in Oman.
Source: XM
