Overview
The Baltic Exchange's benchmark dry bulk freight index moved higher on Friday, marking a second consecutive day of gains for the broader measure. The main index, which tracks rates for capesize, panamax and supramax vessels, added 8 points, or 0.3%, to reach 3,148 points. Despite the single-day improvement, the index recorded an 8.1% decline for the week.
Capesize market
Capesize vessel rates led the upside on Friday. The capesize index increased by 32 points, or 0.6%, to close at 5,042 points, representing its second straight daily advance. Over the week the capesize segment posted a 12.8% loss. Average daily earnings for capesize ships - which typically carry 150,000-ton cargoes of iron ore and coal - rose by $296 to $42,228.
Panamax market
The panamax index moved in the opposite direction on Friday, slipping 7 points, or 0.3%, to 2,372 points. For the week the panamax segment fell 1.5%. Average daily earnings for panamax vessels - which usually transport 60,000 to 70,000 tons of coal or grain - decreased by $58 to $21,349.
Implications and context
The Friday session produced a modest net gain for the main Baltic index but left the weekly picture in negative territory. Gains were concentrated in the capesize class, while panamax rates eased. The reported average daily earnings movements reflect the same split between vessel classes, with capesize earnings rising and panamax earnings declining.
What is and is not known
- The article reports the numerical movements in each index and the corresponding changes in average daily earnings for capesize and panamax vessels.
- The cargo types associated with each vessel class are stated as iron ore and coal for capesize, and coal or grain for panamax.
- The article does not provide information on drivers behind the movements or broader market commentary beyond the reported figures.
All figures and percentage changes are presented as reported for the relevant indices and vessel earnings.