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Capesize rally fuels best week for Baltic index since Aug 2014

New Delhi: The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, hit an over three-month high on Friday as a rally in the capesize vessel segment helped the index record its best week since August 2014.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 80 points, or 6.7 percent, at 1,281 points, the highest level since Jan. 11.

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* The index was up for the 10th straight day, and surged 26.3 percent this week.

* The capesize index rose for the 11th straight session, gaining 247 points, or 14.8 percent, at 1,915 points, a peak since Jan. 16.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $2,101 to $15,766.

* The capesize index has seen an almost 85 percent jump this week, its best weekly gain since April 2016.

* The panamax index was down 17 points, or 1.3 percent, at 1,289 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $138 to $10,347.

* The supramax index rose three points to 1,025 points.

This story has not been edited by coalpost and is auto-generated from a syndicated feed of ET https://energy.economictimes.indiatimes.com/news/coal/capesize-rally-fuels-best-week-for-baltic-index-since-aug-2014/63856947?utm_source=RSS&utm_medium=ETRSS

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