The Baltic Exchange’s dry bulk sea freight index rose on Friday, supported by higher rates for larger vessels, but was headed for a weekly loss due to declines across all vessel segments earlier in the week.
* The main index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 16 points, or 0.8%, to 1,979 points. The contract was down 2.3% for the week.
* The capesize index rose 19 points, or 0.7%, to 2,835 points, but fell about 3.1% for the week.
* Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $158 to $23,513.
* Iron ore futures rose for a fourth straight session on Friday and were heading for a second weekly gain, as a softer dollar and higher bets of a U.S. interest rate cut overshadowed muted demand recovery in top consumer China after a military parade.
* The panamax index gained 44 points, or 2.5%, to 1,802 points, with the contract falling about 2.4% on a weekly basis.
* Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $395 to $16,221.
* Among smaller vessels, the supramax index fell 5 points, or 0.3%, to 1,456 points, its lowest level in a week. The contract was down 0.6% for the week.
(Reuters)
