The Baltic Index hits a two-month high on improving ship demand

The Baltic Exchange’s main sea freight index, which tracks prices for ships hauling dry bulk cargo, hits a two-month high on Friday, marking its second consecutive weekly rise on rising demand for capesize and panamax ship segments.

The composite index, which includes rates for Capesize, Panamax and Supramax ships, hit its highest level since January 3, rising 66 points, or 5.8%, to 1,211.

The main index was also up about 37.2% this week.

Among other ship segments, the Capesize Index rose 195 points, or 19.5%, to its highest level in more than six weeks at 1,195. It’s up about 88% this week.

Average daily earnings for capesizes, which typically haul 150,000-tonne cargo such as iron ore and coal, rose $1,614 to $9,910.

On Friday, Dalian iron ore futures hit an eight-month high on benign fundamentals and optimism about future steel demand.

For the ninth year in a row, the Panamax index rose 9 points to 1,565. It’s up about 23% this week.

Average daily earnings for panaxes, which typically haul coal or grain loads of about 60,000 to 70,000 tons, rose $81 to $14,087.

For the smaller vessels, the Supramax Index fell 3 points to 1,189.

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