The Baltic Exchange’s dry bulk sea freight index rose on Friday, logging its best week since the week ended on Feb. 11, on higher rates across capesize segment.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 14 points to 2,718 points.

The index was up by almost 26.5% this week.

The capesize index gained 63 points to 2,676 points, registering its best weekly gain since mid-2020.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $527 to $22,195.

“Despite losing significant trade volumes following the Russian invasion of Ukraine… the dry markets have not only proved resilient, but are all firmer,” said shipbroker Simpson Spence Young (SSY) in a note on Friday.

Meanwhile Dalian coking coal futures jumped 0.7% to 3,038 yuan a tonne and coke prices inched 0.2% higher to 3,678 yuan per tonne.

The panamax index was down 46 points at 3,187 points, although the index was up this week by 14.4%.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $412 to $28,685.

Tunisia’s state grains agency is believed to have bought approximately 125,000 tonnes of soft wheat and about 100,000 tonnes of animal feed barley in an international tender which closed this Friday.

The supramax index rose 16 points, up 13.7% this week, to 2,939 points.

Source: Reuters