The Baltic Exchange’s dry bulk sea freight index (.BADI) rose on Friday for the first time in 13 sessions, helped by an uptick in capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 33 points, or about 2.6%, to 1,323.
However, the index fell about 13.8% in its second straight weekly decline.
The capesize index (.BACI) rose 118 points, or about 9.6%, to 1,343. However, it recorded its worst week since late August, shedding about 19.6% this week.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, were up $981 at $11,139.
Iron ore futures surged, solidifying their weekly gains, buoyed by bets that top steel producer China would ease its strict COVID-19 rules early next year, and further fuelled by Beijing’s fresh pro-growth rhetoric.
The panamax index (.BPNI) rose 1 point to 1,700. It fell about 6.4% for the week in its second consecutive weekly fall.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $4 to $15,299.
The supramax index (.BSIS) fell 19 points to 1,268. It marked its worst week in a year with a drop of about 14.5%.
Source: Hellenic Shipping News
