Baltic index posts biggest weekly rise in 2 months

The Baltic Exchange's dry bulk sea freight index climbed on Friday, posting its biggest weekly gain since early October, steered by strong gains across vessel segments, reports Reuters.

The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 89 points, or 3.3 per cent, to its highest in two weeks at 2,767.

For the week, the main index rose 8.4 per cent, registering its biggest weekly rise since the one ended October 1.

The capesize index rose 130 points, or 3.4 per cent, to 3,906, and saw a weekly increase of 8.2 per cent.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $2,672 to $27,027.

Iron ore and steel futures in China, the world's biggest steel producer, fell as the detection of a new coronavirus variant in South Africa and fresh COVID-19 cases in Shanghai fanned investor concerns about global economic recovery.

The panamax index (.BPNI) gained 132 points, or 5.3 per cent, to 2,621. It posted a 14.9 per cent weekly jump.