The Baltic Exchange’s dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, rose on Friday, supported by higher rates across all vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 12 points to 792 points. However, the index fell nearly 3% for the week.
The capesize index gained 5 points to 716 points, while the index was down more than 14% during the week.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $39 to $5,939.
Singapore iron ore futures prices rose on Friday and were on track for a weekly gain, supported by heightened concerns over cyclone-led supply disruptions in major producer Australia.
The panamax index rose 6 points to 980 points, snapping a four-day losing streak. Meanwhile, the index dropped by over 5% during the week.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased by $54 to $8,819.
Among smaller vessels, the supramax index was up 24 points at 765 points, posting gains for the ninth consecutive session. The index was up 13% for the week.
U.S. President Donald Trump said earlier this week that he is going to impose reciprocal tariffs on imports but he did not specify the countries that will be affected by them. Source: Reuters
