Baltic Index Logs Fourth Straight Weekly Gain

March 14 (Reuters) – The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, hit a 17-week peak on Friday and posted a fourth straight weekly gain, as rates firmed for all segments.

* The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 19 points to 1,669 points. It was up 18% for the week.

* The capesize index was down 36 points at 2,857 points, but was on track for its fourth straight week of gains, up 19.5% for the week.

* Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, fell $295 to $23,697, even as they were set for a weekly gain.

* Prices of iron ore futures climbed to their highest levels in nearly two weeks, and were on track for a weekly gain, supported by resilient demand and rising expectations of additional stimulus measures in top consumer China.

* The panamax index hit a five-month high, adding 65 points to 1,365, a weekly gain of 31%.

* Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $587 to $12,287, its highest since October 14.

* Among smaller vessels, the supramax index .BSIS rose 35 points to 930 points, a near 12-week high, up 4% for the week.

(Reporting by Ishaan Arora in Bengaluru; Editing by Shreya Biswas)

Unlock Exclusive Insights Today! Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.